Gary W. Ferrera Appointed Chief Financial
Officer
Company Reaffirms Fiscal 2023 Guidance
CHARLOTTE, N.C., May 8, 2023
/PRNewswire/ -- Driven Brands Holdings Inc. (NASDAQ: DRVN) ("Driven
Brands" or the "Company"), the largest automotive services company
in North America,
today announced that Gary W.
Ferrera has been appointed Executive Vice President and
Chief Financial Officer, effective May 10,
2023. Ferrera will report to President and Chief Executive
Officer Jonathan Fitzpatrick and
succeeds Tiffany Mason.
"Gary is a proven leader who brings deep experience leading
financial teams, a strong track record in successfully driving
growth strategies and M&A expertise," said Fitzpatrick. "We are
very pleased to welcome Gary to the Driven team and I look forward
to partnering with him as we continue to focus on execution,
delivering results and enhancing value for our shareholders."
Mr. Ferrera has extensive financial experience and has served as
a CFO for various firms across multiple industries for nearly two
decades, during which he took two companies public. Most recently,
he served as the CFO of Skillsoft Corporation, an educational
software company. Prior to Skillsoft, he spent four years as
the CFO of Cardtronics, Plc., the world's largest owner/operator of
ATMs. He also served as CFO at DigitalGlobe, Inc., Intrawest
Resorts Holdings, Inc., Great Wolf Resorts, Inc., National
CineMedia, Inc., and Unity Media. Prior to becoming a CFO, Mr.
Ferrera spent close to a decade as an investment banker in both
New York and London.
"I am thrilled to be joining the Driven Brands family at such an
exciting time in the Company's development. Driven is the
clear leader in automotive aftermarket services with strong brands,
distinct competitive advantages and significant opportunities ahead
in a highly fragmented and needs-based business. I look forward to
working with Jonathan and the leadership team to execute on the
strategy and build on the strong growth the company has delivered
over time."
Ferrera received a bachelor's degree in Accounting from Bentley
University and his MBA in Finance and Strategy from the Kellogg
School of Management. Prior to university, he served over seven
years on active duty in U.S. Army Special Operations and
Intelligence, and an additional 12 years in the reserves.
Fitzpatrick commented, "Tiffany has played a key role in many of
our milestones over the last few years and we appreciate her
contributions to the company."
The Company reaffirms its fiscal 2023 guidance for revenue of
approximately $2.35 billion, adjusted
EBITDA of approximately $590 million
and adjusted earnings per share of approximately $1.21.
About Driven Brands
Driven Brands™, headquartered in Charlotte, NC, is the largest automotive
services company in North America,
providing a range of consumer and commercial automotive needs,
including paint, collision, glass, vehicle repair, oil change,
maintenance and car wash. Driven Brands is the parent company of
some of North America's leading
automotive service businesses including Take 5 Oil
Change®, Take 5 Car Wash®, Meineke Car Care
Centers®, Maaco®, 1-800-Radiator &
A/C®, Auto Glass Now®, and
CARSTAR®. Driven Brands has more than 4,800 locations
across 14 countries, and services over 70 million vehicles
annually. Driven Brands' network generates approximately
$2.1 billion in annual revenue from
more than $5.8 billion in system-wide
sales.
Cautionary Statement Regarding Forward-Looking
Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. These forward-looking statements are generally
identified by the use of forward-looking terminology, including the
terms "anticipate," "believe," "continue," "could," "estimate,"
"expect," "intend," "likely," "may," "plan," "possible,"
"potential," "predict," "project," "should," "target," "will,"
"would" and, in each case, their negative or other various or
comparable terminology. All statements other than statements
of historical facts contained in this press release, including
statements regarding our strategy, future operations, future
financial position, future revenue, projected costs, prospects,
plans, objectives of management, and expected market growth are
forward-looking statements. In particular, forward-looking
statements include, among other things, statements relating to: (i)
our strategy, outlook and growth prospects; (ii) our operational
and financial targets and dividend policy; (iii) general economic
trends and trends in the industry and markets; and (iv) the
competitive environment in which we operate. Forward-looking
statements are not based on historical facts but instead represent
our current expectations and assumptions regarding our business,
the economy and other future conditions, and involve known and
unknown risks, uncertainties and other important factors that may
cause our actual results, performance, or achievements to be
materially different from any future results, performance, or
achievements expressed or implied by the forward-looking
statements. It is not possible to predict or identify all
such risks. These risks include, but are not limited to, the
risk factors that are described under the section titled "Risk
Factors" in our Annual Report on Form 10-K for the fiscal year
ended December 31, 2022 and in our
other filings with the Securities and Exchange Commission, which
are available on its website at www.sec.gov. Given these
uncertainties, you should not place undue reliance on these
forward-looking statements.
Forward-looking statements represent our estimates and
assumptions only as of the date on which they are made, and we
undertake no obligation to update or review publicly any
forward-looking statements, whether as a result of new information,
future events or otherwise, except as required by law.
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SOURCE Driven Brands
