SOURCE: MAACO

Meineke Car Care Centers

October 28, 2015 12:54 ET

Garnett Station Capital Partners Forms Cambridge Automotive Group to Grow in Maaco System

Secures Licenses for 16 Maaco Locations Across Southern California; Franchise Agreement Marks Largest in Maaco System of More Than 450 Franchised Locations

TORRANCE, CA--(Marketwired - October 28, 2015) - Garnett Station Capital Partners announced the purchase of 16 Maaco licenses across Southern California from former owners Matt and Caroline Peach. Garnett Station Capital Partners will do business as Cambridge Automotive Group. This purchase makes Cambridge Automotive Group the largest franchise group in the Maaco system and sets the Company up for significant growth.

"We are grateful to the Peaches for establishing a terrific foundation and for helping us through this transition," said Alex Sloane, Managing Partner at Garnett Station Capital Partners. "We are excited to work together with the shops' current employees and are committed to maintaining the high standards of operations and development set by the Peach Family."

"We would like to thank all of the employees for their hard work and dedication. We are excited to announce this agreement with Matt Perelman and Alex Sloane, who have a strong track record of investing in and growing high quality businesses and providing opportunities for employees," said Matt and Caroline Peach, who will continue as Maaco licensees in Florida.

Cambridge Automotive Group will be led by Ken Ratliff and Simon Tisminesky. Ken Ratliff, a former Director of Operations for Driven Brands, will oversee the Company's operations. Simon Tisminesky, former VP of Emerging Brands for Driven Brands, will oversee Cambridge Automotive Group's aggressive growth strategy.

"This acquisition creates the Cambridge Automotive Group platform that enables Garnett Station Capital Partners to invest in and grow the Maaco system," said Matt Perelman, Managing Partner at Garnett Station Capital Partners. "We are confident that with Ken and Simon's leadership, our group of centers will be among the largest and most profitable body shops in the world."

Cambridge Automotive Group's leadership team plans to grow their franchise group through remodels and new center development. The group is seeking to open additional Maaco locations with growth targeted in California, Texas, Nevada, Arizona, New Mexico, Oregon, Utah and Washington.

"The business acumen and sophistication of Garnett Station Capital Partners is a welcome addition to the Maaco family," said Jose R. Costa, Maaco President. "We are honored that they have selected to join Maaco and have committed to the betterment and growth of our system."

About Garnett Station Capital Partners
Garnett Station Capital Partners is an investment firm that focuses on growing companies in the retail and consumer industries. The firm was founded by Matt Perelman and Alex Sloane, Managing Partners of Cambridge Franchise Partners, who have significant experience acquiring and developing restaurant franchises.

About MAACO®
Founded in 1972, MAACO® Auto Painting & Collision Repair is America's #1 Bodyshop, and repairs accident damage, dents and faded paint for nearly 500,000 drivers annually. Our nearly 500 independently owned and operated franchises have restored the safety and beauty of vehicles for more than 40 years. MAACO Franchising, LLC, headquartered in Charlotte, NC, has been named the #1 automotive franchise numerous times by Entrepreneur in its Annual Franchise 500 ranking. For more information about MAACO and franchising opportunities, visit www.Maaco.com.

About Driven Brands
The Driven Brands family of automotive companies, headquartered in Charlotte, NC, serves as parent company for several businesses including: MAACO®, Meineke Car Care Centers®, 1-800 Radiator, Merlin 200,000 Mile Shops®, Econo Lube & Tune, Pro Oil®, AutoQual®, Aero-Colours® and Drive N Style®. Founded in 1972, MAACO and Meineke Car Care Centers are two of the most iconic brands in the automotive industry and have become a staple in American culture. Driven Brands has more than 1,500 centers across the U.S. and Canada, which are predominately owned and operated by franchisees. Combined, all businesses generate more than $1 billion in annual system sales. For more information, visit www.DrivenBrands.com.

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