Driven Brands Holdings has announced an underwritten secondary offering of 7 million shares of Driven Brands common stock by certain of its stockholders, which are affiliates of Roark Capital Management, an Atlanta-based private equity firm focused on franchised and multi-location businesses.
For sake of comparison, there were more than 167.39 million shares of Driven Brands common stock issued and outstanding as of Sept. 1, 2022, and no shares of preferred stock outstanding.
The selling stockholders will receive all proceeds from the offering. Driven Brands is not selling any shares of common stock in the offering and will not receive any proceeds from the offering.
Following completion of the offering, Driven Brands’ principal stockholders (entities related to Roark Capital Management) will continue to own a majority of the voting power of the company’s outstanding common stock.
As a result, Driven Brands will remain a “controlled company” under the corporate governance rules for Nasdaq-listed companies because more than 50% of its voting common stock will be owned by the principal stockholders. Additionally, Driven Brands will be exempt from certain corporate governance requirements of such rules.
BofA Securities and Morgan Stanley are underwriters for the offering. The underwriters may offer the shares of common stock for sale from time to time directly or through agents, through brokers in one or more brokerage transactions on the Nasdaq Stock Market, to dealers in negotiated transactions, or in a combination of such methods of sale.
Charlotte-based Driven Brands is one of the largest automotive services companies in North America, offering a variety of consumer and commercial automotive work, including paint, collision, glass, vehicle repair, oil change, maintenance and car wash services. Driven Brands is the parent company to a number of brands, including …
• Take 5 Oil Change.
• Take 5 Car Wash.
• Meineke Car Care Centers.
• 1-800-Radiator & A/C.
• Auto Glass Now.
Driven Brands has more than 4,600 locations across 15 countries and services over 50 million vehicles annually. The company’s network generates more than $1.70 billion in annual revenue from over $5.00 billion in system-wide sales.