Toronto, Ontario — Driven Brands Holding Inc. has announced the sale of its Canadian distribution business, primarily operated under the PH Vitres d’Auto brand (PH), to PGW Auto Glass.
This transition was effective as of August 31, 2024. While the terms of the transaction are not being disclosed, the Financial Post noted that the sale is expected to have minimal impact on the company’s fiscal year 2024 outlook. The company will provide further details on its third-quarter earnings call.
Based in Sainte-Perpetue, Quebec, PH Vitres employs more than 300 associates at 22 locations across Quebec, Ontario, New Brunswick and Nova Scotia.
In a media statement, Jonathan Fitzpatrick, President and Chief Executive Officer, of Driven Brands commented: “I want to thank Richard Jutras, President of PH and the entire team at PH for being great partners over the last five years. We are confident that the business will continue to perform well under its new ownership.”
Additionally, Mike Diamond, EVP and Chief Financial Officer, of Driven Brands, further commented that “Driven Brands is committed to our active portfolio management strategy. Although the sale of PH will have a limited impact on the company’s financials, this transaction will reduce debt and be margin rate accretive. We will provide further details and update our full-year outlook based on the disposition during our Q3 earnings call.”
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