Gen-X, Millennial Male Media Opps: Driven Brands issues IPO amid CMO Vacancy (Score 58)

Driven Brands (DB) filed for an initial public offering in December 2020 and will now be publicly traded on the Nasdaq. The IPO will reportedly bring in around $700m. The company plans to use the majority of these funds to wipe out debt and will use what funds are left over on "general corporate purposes." DB may decide to allocate portion of these funds towards marketing. DB operates a network of 4.1k auto care and service locations. CMO and SVP Summer Nunn departed for the CMO role at Payzer in August 2020,so keep an eye on this company, and we will be sure to update you once a replacement is found. 

In other news, in November 2020 DB hired senior digital marketing director Brian Bisges from Save A Lot, where he served as digital strategy and media director. It also hired marketing VP Brady Noon from SC Johnson, where he served as omnichannel marketing director. These hires will likely impact both the advertising budget and agency roster. 

Please view our digital display and national TV ad spend chart, here. All data is courtesy of Pathmatics and iSpot. DB spends on other brands as well, but these are its top brands. 

Sellers-- DB mainly targets Gen-X and millennial men through digital display and national TV ads. It has been increasing spend, especially in digital channels, indicating it may be targeting a slightly younger audience that may even include Gen-Zers. I expect the company to continue increasing spend with the extra funds it has recently acquired through the IPO. DB also invests in OOH, print, radio and local broadcast TV ads, per Kantar. Sellers should reach out offering relevant ad space. 

Agency & martech readers-- To the best of our knowledge DB works with Mythic (creative & digital AOR) and ICF Next (PR). It seems DB currently has a CMO vacancy, so start reaching out to be top-of-mind once the position is filled. I recommend offering media buying and planning assistance.