Driven Brands IPO Raises $700M
Jan. 15, 2021—The initial public offering from Driven Brands raised roughly $700 million from 32 million sold shares, reports Bloomberg News.
The total IPO includes 38 million shares for the automotive services company, which is owned by private equity group Roark Capital. Roark will retain a stake of around 70 percent, reports Bloomberg.
The funds raised will help to pay down a $722 million debt. Worldwide, Driven Brands operates 4,100 locations in 15 countries. The company reports $900 million in revenue on $3 billion worth of sales from all its holdings. In the collision repair realm, Driven Brands does business under the Abra, CARSTAR, Fix Auto USA, and Maaco brand names.