Driven Brands Announces Pricing of Secondary Offering
CHARLOTTE, N.C., Aug. 04, 2021 (GLOBE NEWSWIRE) -- Driven Brands Holdings Inc. (Driven Brands or the Company) (NASDAQ: DRVN), today announced the pricing of the underwritten secondary public offering of 12 million shares of Driven Brands common stock by Driven Equity LLC and RC IV Cayman ICW Holdings LLC (together the Selling Stockholders), each of which is a related entity of Roark Capital Management, LLC at a price of $29.50 per share.
- CHARLOTTE, N.C., Aug. 04, 2021 (GLOBE NEWSWIRE) -- Driven Brands Holdings Inc. (Driven Brands or the Company) (NASDAQ: DRVN), today announced the pricing of the underwritten secondary public offering of 12 million shares of Driven Brands common stock by Driven Equity LLC and RC IV Cayman ICW Holdings LLC (together the Selling Stockholders), each of which is a related entity of Roark Capital Management, LLC at a price of $29.50 per share.
- Driven Brands is not selling any shares of common stock in the offering and will not receive any proceeds from the offering.
- Following the completion of the offering and assuming no exercise of the underwriters option to purchase additional shares, the Selling Stockholders will remain Driven Brands largest stockholders, owning in the aggregate at least 109 million shares of common stock, representing 65.4% of the outstanding common stock of Driven Brands.
- Driven Brands network generates more than $1 billion in revenue from more than $3 billion in system-wide sales.