Our Finance Group helps clients navigate the business and legal complexities of novel and multidimensional debt financing transactions. We fully understand the challenges faced by borrowers, investors and lenders throughout a company’s lifecycle, from evolving techniques in acquisition finance to the tensions inherent in distressed situations. We are the firm of choice for the most innovative and complex financing matters, including bespoke structured financings and whole-business securitizations of novel assets and restructurings of multibillion-dollar companies.
Driven Brands Funding Closes $275 Million Securitization
- Client News
- April 24, 2018
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 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.