Driven Brands, the holding company controlled by Roark Capital, is issuing another $45 million from its whole business securitization.

The company originally issued $460 million of notes in July 2015 backed by nearly all of its revenue generating assets, including the Maaco, Meineke and 1-800-Radiator & A/C, brands. The latest tranche is related to the acquisition of the CARTAR brand of collision repair franchises.

The new notes carry the same rating, triple-B, from Kroll Bond Rating Agency as the original notes and have the same expected to maturity, July 2022.

Barclays Capital will serve as the initial purchaser.

Driven Brands announced the acquisition of CARSTAR in October; it did not disclose the purchase price. At the time, the company said it would place CARSTAR into a new paint & collision division including Maaco and Drive N Style and led by Maaco President Jose Costa.

All the companies under the Paint & Collision division will remain individual brands, but Driven Brands and CARSTAR said the larger division will “streamline services and share expertise to improve the customer experience and profitability for franchisees” as well as use the best practices from the three different companies.

The companies estimated Thursday that buying CARSTAR would bring the company to 2,000 locations with revenues of $1 billion.

Driven Brands is one of the largest franchisors in the aftermarket automobile services and parts distribution industries. The company is nearly 100% franchised and its franchise network operates approximately 2,245 locations across all 50 states, 10 Canadian provinces and one Canadian territory.

The company is divided into three divisions; paint and collision Services, which in addition to Maaco and CARSTAR includes Aero Colours, AutoQual and Drive N Style brands; repair and maintenance services, which includes locations operating under the Meineke, Merlin, Pro Oil Change and Econo Lube N’ Tune brands; and distribution, which includes locations operating under the 1-800-Radiator brand.

Subscribe Now

Access to a full range of industry content, analysis and expert commentary.

30-Day Free Trial

No credit card required. Access coverage of the securitization marketplace, including breaking news updated throughout the day.