“However, the deal size is likely a placeholder for an IPO we estimate could raise $600 million,” the SEC-registered investment adviser stated.
The stock will be sold under the symbol “DRVN” on the Nasdaq Global Select Market.
Founded in 2015, Driven Brands is based in Charlotte, NC, and consists of a portfolio of recognized brands including CARSTAR, Fix Auto USA and ABRA.
Together, they make up more than 4,100 locations across 49 states and 14 countries.
The platform provides both consumer and commercial automotive needs such as paint, collision, glass, vehicle repair, oil changes, maintenance and car washes.
According to the prospectus filed with the SEC on Dec. 22, the Roark Capital-backed automotive services franchiser “…generated approximately $600 million in revenue from approximately $3 billion in system-wide sales in 2019.”
The underwriters of the offering include Morgan Stanley & Co., BofA Securities Inc., Goldman Sachs & Co., J.P. Morgan Securities, Barclays Capital Inc., Credit Suisse Securities (USA), Robert W. Baird & Co. Inc., Piper Sandler & Co. and William Blair & Co.