Driven Brands’ $700 Million Initial Public Offering

Latham & Watkins LLP represented the underwriters in the offering.

Driven Brands Holdings Inc. has announced the pricing of its initial public offering of 31,818,182 shares of its common stock at a price to the public of US$22 per share. Driven Brands has granted the underwriters a 30-day option to purchase up to an additional 4,772,727 shares of its common stock at the initial public offering price, less underwriting discounts and commissions. The shares begun trading on the Nasdaq Global Select Market on January 15, 2021, under the ticker symbol “DRVN,” and the offering is expected to close on January 20, 2021, subject to customary closing conditions.

Morgan Stanley & Co. LLC, BofA Securities and Goldman Sachs & Co. LLC acted as joint lead book-running managers for the offering. J.P. Morgan Securities LLC and Barclays Capital Inc. also acted as book-running managers. Robert W. Baird & Co. Incorporated, Credit Suisse Securities (USA) LLC, Piper Sandler & Co. and William Blair & Company, L.L.C. acted as bookrunners for the 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.

Latham & Watkins LLP represented the underwriters in the offering with a capital markets team led by New York partners Ian Schuman (Picture) and Stelios Saffos, with counsel Charles Cassidy and associates Salvatore Vanchieri, Milo LeDoux, and Angel Marcial.

Involved fees earner: Charles Cassidy III – Latham & Watkins; Milo LeDoux – Latham & Watkins; Angel Marcial – Latham & Watkins; Stelios Saffos – Latham & Watkins; Ian Schuman – Latham & Watkins; Salvatore Vanchieri – Latham & Watkins;

Law Firms: Latham & Watkins;

Clients: Bank of America Securities; Barclays Capital ; Credit Suisse Securities (USA) LLC; Goldman Sachs & Co.; J.P. Morgan Securities LLC; Morgan Stanley; Piper Sandler; Robert W. Baird & Co.; William Blair & Company, L.L.C.;


Author: Ambrogio Visconti