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Acquisitions and Dispositions (Tables)
3 Months Ended
Mar. 26, 2022
Business Combination and Asset Acquisition [Abstract]  
Schedule of Estimated Purchase Price Allocation
The provisional amounts for assets acquired and liabilities assumed for the 2022 acquisitions are as follows:
(in thousands)Cash Wash SegmentMaintenance Segment
Paint Collision & Glass Segment (AGN)
Total
Assets:
Cash$13 $— $$20 
Prepaid assets— — 327 327 
Land and building28,290 1,025 23 29,338 
Equipment4,350 50 921 5,321 
Operating lease right of use asset— — 10,693 10,693 
Intangibles, net— — 49,000 49,000 
Deferred tax asset252 43 — 295 
Assets acquired32,905 1,118 60,971 94,994 
Liabilities:
Accrued liabilities30 — — 30 
Operating lease liabilities— — 10,003 10,003 
Total liabilities assumed30 — 10,003 10,033 
Net assets acquired32,875 1,118 50,968 84,961 
Total consideration43,483 1,548 170,636 215,667 
Goodwill$10,608 $430 $119,668 $130,706 
The provisional amounts for assets acquired and liabilities assumed for the 2021 Car Wash Acquisitions are as follows:
(in thousands)Magic Tunnel Car WashFranks Car Wash ExpressRacer Classic Car WashAll OtherTotal Car Wash
Assets:
Cash$26 $38 $18 $165 $247 
Right of use assets— — 2,587 12,277 14,864 
Land and improvements13,020 10,790 6,920 45,455 76,185 
Building48,380 48,570 31,490 270,155 398,595 
Equipment13,800 7,377 5,698 59,578 86,453 
Inventory— — 311 — 311 
Intangibles, net700 800 550 — 2,050 
Deferred tax assets— 94 — 1,596 1,690 
Assets held for sale— — — 996 996 
Assets acquired75,926 67,669 47,574 390,222 581,391 
Liabilities:
Accrued liability— 50 155 304 509 
Lease liability— — 2,687 12,277 14,964 
Deferred tax liabilities— — 758 — 758 
Liabilities assumed— 50 3,600 12,581 16,231 
Net assets acquired75,926 67,619 43,974 377,641 565,160 
Total consideration88,026 106,558 64,843 472,721 732,148 
Goodwill$12,100 $38,939 $20,869 $95,080 $166,988 
The provisional amounts for assets acquired and liabilities assumed for the 2021 Maintenance Acquisitions are as follows:
(in thousands)
Assets:
Cash$
Land and improvements4,425 
Building13,220 
Equipment1,450 
Inventory200 
Deferred tax assets90 
Asset held for sale3,275 
 22,662 
Liabilities:
Prepaid liability52 
Liabilities assumed52 
Net assets acquired22,610 
Total consideration37,271 
Goodwill$14,661 
The provisional amounts for assets acquired and liabilities assumed for the 2021 PC&G Acquisitions are as follows:
(in thousands)
Assets:
Right of use asset$7,672 
Equipment1,512 
Inventory107 
Intangibles, net6,707 
Assets acquired15,998 
Liabilities:
Accrued liability
Lease liability7,664 
Off-market lease component99 
Liabilities assumed7,768 
Net assets acquired8,230 
Total consideration32,972 
Goodwill$24,742 
Schedule of Pro Forma Information The following table presents supplemental unaudited pro-forma information as if the AGN acquisition had occurred at the beginning of 2021. The pro-forma information does not necessarily reflect the results of operations that would have occurred had the AGN acquisition occurred at the beginning of 2021. Cost savings are also not reflected in the unaudited pro-forma amounts for the three months ended March 27, 2021.
Three months ended March 26, 2022Three months ended March 27, 2021
(in thousands)AGN actual from acquisition dateDriven Brands Holdings Consolidated Proforma
Revenue$20,081 $349,808 
Net income attributable to Driven Brands Holdings Inc.$2,049 $(14,575)
The following table presents supplemental unaudited pro-forma information as if the 2021 Car Wash Acquisitions had occurred at the beginning of 2020. The pro-forma information does not necessarily reflect the results of operations that would have occurred had the 2021 Car Wash Acquisitions occurred at the beginning of 2020. Cost savings are also not reflected in the unaudited pro-forma amounts for the year ended December 25, 2021 and December 26, 2020, respectively.
Actual from
acquisition
date in 2021
Pro-forma for year ended
(in thousands)December 25, 2021December 26, 2020
Revenue$48,648 $1,613,479 $1,026,012 
Net income attributable to Driven Brands Holdings Inc.$11,693 $47,272 $20,558