Driven Brands Announces Launch of Initial Public Offering

Driven Brands Announces Launch of Initial Public Offering

Driven Brands is offering 38,000,000 shares of its common stocks, and the initial public offering price is expected to be between $17 and $20 per share.

Driven Brands Holdings Inc. announced it has launched the roadshow for its proposed initial public offering. Driven Brands is the largest automotive services company in North America, with a portfolio of highly recognizable brands that fulfill an extensive range of consumer and commercial automotive needs, including paint, collision, glass, vehicle repair, oil change, maintenance and car wash.

Driven Brands is offering 38,000,000 shares of its common stock. The initial public offering price is expected to be between $17 and $20 per share. Driven Brands intends to list its common stock on the Nasdaq Global Select Market under the ticker symbol “DRVN.”

Driven Brands intends to use the proceeds from the offering and cash on hand to repay in full the outstanding indebtedness under certain credit facilities and to pay fees and expenses in connection with the offering.

Driven Brands also intends to grant the underwriters a 30-day option to purchase up to 5,700,000 additional shares of common stock. If the underwriters exercise their option to purchase additional shares, Driven Brands intends to use a portion of the net proceeds therefrom to acquire shares of common stock from certain of its existing stockholders. None of the existing stockholders Driven Brands purchases shares from will be an existing employee, executive officer or director or controlling stockholder of the Company.

Morgan Stanley & Co. LLC, BofA Securities and Goldman Sachs & Co. LLC are acting as the joint lead book-running managers for the offering. J.P. Morgan Securities LLC and Barclays Capital Inc. are also acting as book-running managers. Robert W. Baird & Co. Incorporated, Credit Suisse Securities (USA) LLC, Piper Sandler & Co. and William Blair & Company, L.L.C. are acting as bookrunners for the offering.

The offering will be made only by means of a prospectus which will be filed with the SEC and will be available on the SEC’s website. A copy of the preliminary prospectus relating to the offering may be obtained from any of the following sources:

  • Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, Second Floor, New York, New York 10014, or by email at [email protected]
  • BofA Securities, Attention: Prospectus Department, NC1-004-03-43, 200 North College Street, 3rd Floor, Charlotte, NC 28255-0001, or via email: [email protected]
  • Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, New York 10282, via telephone: (866) 471-2526, or via email: [email protected]

You May Also Like

Crash Champions Opens New Chicagoland Collision Center

The new 22,000-square-foot facility is located in Glenview, Ill., and officially opened for business on June 10.

Crash Champions recently opened the doors to a newly constructed collision repair center in its home Chicagoland market.

The new 22,000-square-foot facility is located at 1652 Waukegan Rd in Glenview, Ill., and officially opened for business on June 10. It marks Crash Champions’ fifth new location in the Chicagoland area in the past sixth months, following the successful acquisition of Adams Collision in December.

Cascade Collision Acquires Lone Peak Collision in Utah

Cascade Collision Repair now has 10 collision center locations across northern Utah.

Crash Champions Expands in Georgia

Crash Champions has announced the acquisition of Pro Body Shop and Frame Works in Thomasville, Ga. 

CARSTAR Yorkville Father-Son Business Celebrates 30 Years

Founder Dean Fisher passed ownership to son Justin nearly a decade ago.

Classic Collision Expands Again in Virginia

Classic Collision has announced the acquisition of Pro-Tech Collision Center in Fredericksburg and Stafford, Va.

Other Posts
Crash Champions Expands Idaho Service

Crash Champions has announced the addition of its 11th Idaho location.

QCG Acquires Philip Thearle’s Autowerks Collision Center

Quality Collision Group has acquired Philip Thearle’s Autowerks Collision Center of Santee, Calif.

CARSTAR Hayden Earns Top Spot in 2024 Idaho’s Best Awards for Best Auto Body Shop

For the fifth consecutive year, CARSTAR Hayden has been recognized as the Best Auto Body Shop at the 2024 Idaho’s Best Awards.

Crash Champions Continues Florida Expansion

Crash Champions has acquired Liles Collision in Ocala, Fla.