Driven Brands Completes $700 IPO

Consumer
Industrial

Driven Brands IPO


Summary

Driven Brands, Inc. (“Driven Brands”, or “the Company”), a portfolio company of Roark Capital (“Roark”), recently completed an initial public offering of 31,818,182 common shares at a price of $22.00 per share, generating gross proceeds of $700.0 million. The Company intends to use the net proceeds from this offering to repay outstanding borrowings. In addition, the company has granted the underwriters a 30-day option to purchase up to an additional 4,772,727 shares of common stock.

Baird served as a bookrunner on this offering.

About

Driven Brands was established in 2008 and is based in North Carolina. Driven Brands is the largest automotive services company in North America with a growing and highly franchised base across 49 U.S. states and 14 international countries. Driven Brands’ scaled, diversified platform fulfils an extensive range of core consumer and commercial automotive needs, including paint, collision, glass, vehicle repair, oil change, maintenance and car wash. The Company provides a breadth of high-quality and high-frequency services to a wide range of customers who rely on their cars in all economic environments to get to work and in many other aspects of their daily lives.

Roark is an Atlanta-based private equity firm with over $13 billion in equity capital commitments raised since inception. Roark focuses on consumer and business companies, with a specialization in franchised and multi-unit business models in the retail, consumer services and business services sectors.
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Consumer
Industrial

Driven Brands IPO

Date
January 2021
Company
Driven Brands, Inc.
Transaction
Equity Capital Markets
Sectors
Consumer
Industrial
Verticals
Vehicle Supply
Target Location
North America

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