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Cases & Deals

August 14, 2015

King & Spalding Advises on $460 Million ‘Whole Business Securitization’

ATLANTA, Aug. 14, 2015 — King & Spalding represented a major international investment bank as the sole structuring advisor and sole book-running manager in a $460 million “whole business securitization” of the franchise assets of Driven Brands, Inc., which includes such brands as Meineke®, Maaco® and 1-800-Radiator & A/C®, in a deal that closed July 31.

This was the latest in a string of specialty or “esoteric” securitization deals—where specialty operating assets are securitized—that King & Spalding has worked on for such clients. The Driven Brands transaction is also notable in that it is one of the first “multi-brand” whole business securitizations, and one of the first to be used in an acquisition context.

In May, King & Spalding represented the initial purchasers in an $875 million, Rule 144A securitization of wireless tower assets for subsidiaries of American Tower Corporation. And in February, King & Spalding advised the placement agent on a securitization of Fairway Outdoor Advertising’s billboard and other advertising assets, in a deal structured as a 4(a)(2) private placement.

The Atlanta- and New York-based King & Spalding teams on these deals were led by Michael Urschel, Keith Townsend, Chris Molen, Ellen Snare and Tony Rothermel; with assistance from Sarah Borders, Cynthia Stroman, Sheryl Kass, Hap Shashy, Hector Llorens, Kathleen Minniti, Mary Santanello, Matthew Sandiford, Laura Newsom, Lansing Lee, Kimberly Lehnert, Eugene Levin, Carrie Ratliff, Stephanie Levin, Jullia Park, Ariana Wallizada and Robert Jones.

King & Spalding’s global finance practice brings together more than 100 finance lawyers located in offices across the United States, Europe, Asia and the Middle East to represent lenders, investors, funds and borrowers in the full range of secured and unsecured financings. The firm closed more than 200 transactions for our clients in 2014 amounting to over $60 billion in aggregate financing.

About King & Spalding
Celebrating more than 125 years of service, King & Spalding is an international law firm that represents a broad array of clients, including half of the Fortune Global 100, with 800 lawyers in 17 offices in the United States, Europe, the Middle East and Asia. The firm has handled matters in over 160 countries on six continents and is consistently recognized for the results it obtains, uncompromising commitment to quality, and dedication to understanding the business and culture of its clients. More information is available at