Driven Brands goes public with IPO in January 2021
In early 2021, Driven Brands announced its initial public offering. As the largest automotive services company in North America, the company raised over $700.0 million, using the proceeds to repay outstanding debts to credit facilities and fees and expenses related to the offering. Since the offering, Driven Brands has seen strong operating performance.
New Activity|M&A|Discontinued ActivityIn response to volatile demand in the wake of the first COVID-19 surge, the company undertook a comprehensive cost reduction program, aimed at shoring up labor and supply costs.
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