BUSINESS NEWS

June 6, 2022

DRIVEN BY GLASS

Driven Brands announced the acquisition of the U.S.-based auto glass repair chain All Star Glass in early May. The chain was founded 40 years ago by Sam Scharaga, and it would go on to become the largest family-owned auto glass company in the United States, a fact that Driven Brands attributes to the company’s commitment to customer safety and satisfaction. “We’re bullish on the opportunities in this powerful business making the All Star Glass acquisition an ideal investment for Driven Brands,” said Jonathan Fitzpatrick, CEO and president of Driven Brands. Driven Brands has been making strides in the glass repair market recently, revealing in the company’s Q1 2022 financial report that glass is proving to be a leading segment for Driven and that this announcement only adds to the good news. The company said its revenues saw a 42 percent increase In Q1 2022.

‘STRONG’ START FOR UNI-SELECT

Uni-Select reported its Q1 2022 financial results last week, citing a “very strong start to the year,” with sales up 10.7 percent to $409.6 million, adjusted EBITDA up more than 50 percent to $7.7 million. The Boucherville, Québec-based company said consolidated sales were driven by organic growth of 11.6 percent, with all three segments—FinishMaster, Canadian Automotive Group and GSF Car Parts U.K.—reporting positive organic growth ranging between 9.2 percent and 14.8 percent for the quarter. The FinishMaster U.S. segment reported sales of $172.8 million, with organic growth of 9.2 percent driven by general market recovery and price increases, while the Canadian Automotive Group segment reported sales of $129.8 million, an increase of 12.7 percent largely driven by organic growth of 12.2 percent and acquisitions over the last twelve months. The GSF Car Parts U.K. segment reported sales of $107.1 million, an increase of 10.7 percent mainly driven by organic growth of 14.8 percent offsetting an unfavourable fluctuation of the British pound against the US dollar during the first quarter of 2022. Uni-Select said it still expects sales and profitability to improve in 2022, compared to 2021, adding that the magnitude of improvement will likely be greater in the first half of 2022.

LEAN INTO IT

3M recently announced it has acquired the technology assets of LeanTec, a provider of digital inventory management solutions for the automotive aftermarket in the U.S. and Canada. The LeanTec software complements the 3M RepairStack Performance Solutions, a hardware and software system that helps ensure materials needed for repairs are on hand, said 3M.

LEANING ON LUXURY

AutoCanada added two luxury dealerships to its portfolio in early May; acquiring both Porsche of London and Audi of Windsor for an undisclosed price. The dealerships, owned by Southwestern Ontario-based Leavens Automotive Group, generate more than $80 million in revenues annually, said AutoCanada. Both the facilities are recently built, the company added. AutoCanada also said the acquisition unlocks additional growth opportunities, including “the potential to expand AutoCanada’s collision centre footprint in each of the markets,” it wrote in its acquisition announcement. In 2021, AutoCanada says its 78 franchised dealerships sold approximately 86,000 vehicles and processed more than 800,000 service and collision repair orders, generating revenue in excess of $4.5 billion.