Driven Brands Holdings Inc. announced Jan. 7 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 million 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.” The offering is subject to market conditions, and there can be no assurance as to whether, or when, the offering may be completed or as to the actual size or terms of the offering.
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 5.7 million 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...