Roark Capital-owned Driven Brands targets over $3 billion valuation in IPO

Driven Brands Holdings Inc, one of the largest U.S. auto services franchisers, is looking to raise as much as $760 million through an initial public offering, which would value the Roark Capital-owned company at about $3.4 billion.

Driven plans to sell 38 million shares of its common stock priced at between $17 and $20 apiece, it said in a filing on Thursday.

Last year, private equity firm Roark Capital, which acquired Driven from Harvest Partners in 2015, had considered selling it for about $2 billion, according to a Bloomberg report.

Driven reported $2.4 billion in sales in the nine months ended Sep. 26, 2020, generating $616 million in revenue, according to the filing.

The company will list its shares on the Nasdaq under the ticker symbol ‘DRVN’.

Morgan Stanley, BofA Securities, J.P. Morgan, Goldman Sachs and Barclays are the lead underwriters for the IPO.

Source: Reuters

Roark Capital-owned Driven Brands targets over $3 billion valuation in IPO

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