Driven Brands Funding’s $275 Million Securitization


Paul, Weiss advised Driven Brands Funding, LLC, a leading franchisor and operator of aftermarket automobile services and parts distribution centers in the United States and Canada and an affiliate of our client Roark Capital Group, in the closing of a $275 million securitization of the Take 5 quick-lube brand backed primarily by company-owned store assets and certain revenue-generating contracts, intellectual property and other related collateral.

This securitization was the third issuance under a master indenture, pursuant to which $730 million of securitization notes have been issued. In 2015 and 2016, respectively, Paul, Weiss advised Driven Brands Funding, LLC on the $410 million whole-business securitization of the Maaco, Meineke, 1-800 Radiator & A/C, Drive N’ Style, Econo Lube N’ Tune, Merlin and Pro Oil Change brands and the $45 million add-on securitization of the CARSTAR brand. Roark Capital Group intends to continue to use the master securitization structure to expand the portfolio of franchise brands under Driven Brands Funding, LLC.

The Paul, Weiss team included corporate partners Jordan Yarett (Picture) and John Kennedy and counsel Ryan McNaughton; bankruptcy partners Alice Eaton and Kyle Kimpler; intellectual property partner Claudine Meredith-Goujon; tax partner Scott Sontag; employee benefits partner Lawrence Witdorchic and counsel Jason Ertel; and environmental counsel William O’Brien.

Involved fees earner: Jordan Yarett – Paul Weiss Rifkind Wharton & Garrison; John Kennedy – Paul Weiss Rifkind Wharton & Garrison; Ryan McNaughton – Paul Weiss Rifkind Wharton & Garrison; Alice Belisle Eaton – Paul Weiss Rifkind Wharton & Garrison; Kyle Kimpler – Paul Weiss Rifkind Wharton & Garrison; Claudine Meredith-Goujon – Paul Weiss Rifkind Wharton & Garrison; Scott Sontag – Paul Weiss Rifkind Wharton & Garrison; Lawrence Witdorchic – Paul Weiss Rifkind Wharton & Garrison; Jason Ertel – Paul Weiss Rifkind Wharton & Garrison; William O’Brien – Paul Weiss Rifkind Wharton & Garrison;

Law Firms: Paul Weiss Rifkind Wharton & Garrison;

Clients: Driven Brands, Inc.;

Avatar

Author: Ambrogio Visconti