Business
Driven Brands Announces $50 Million Share Repurchase Authorization
CHARLOTTE, N.C., Aug. 22, 2023 /PRNewswire/ -- Driven Brands Holdings Inc. (NASDAQ: DRVN) ("Driven Brands" or the "Company") today announced that its Board of
About this update from Driven Brands Holdings Inc.
[{"type":"text","content":"CHARLOTTE, N.C., Aug. 22, 2023 /PRNewswire/ -- Driven Brands Holdings Inc. (NASDAQ: DRVN) (\"Driven Brands\" or the \"Company\") today announced that its Board of Directors has authorized the Company, at its discretion, to repurchase up to $50 million of its common shares outstanding through March 31, 2025. The share repurchase will be funded through a combination of cash on hand, cash flow from operations, and the Company's revolving line of credit. \n\n \n \n \n \n \n \n\n \nShare repurchases under the authorization may be effected on behalf of the Company through open market transactions, privately negotiated transactions or otherwise, including pursuant to SEC trading rules. There is no guarantee as to the exact number of shares, if any, that may be repurchased by the Company. The timing and extent of repurchases will depend upon several factors, including market and business conditions, valuation of shares, regulatory requirements, and other corporate considerations, and repurchases may be suspended or discontinued at any time.\n\"This share repurchase authorization reflects our confidence in the business and our commitment to enhancing shareholder returns while we continue to invest in our growth initiatives,\" said Jonathan Fitzpatrick, President and Chief Executive Officer.\nAbout Driven Brands\nDriven Brands™, headquartered in Charlotte, NC, is the largest automotive services company in North America, providing a range of consumer and commercial automotive needs, including paint, collision, glass, vehicle repair, oil change, maintenance, and car wash. Driven Brands is the parent company of some of North America's leading automotive service businesses including Take 5 Oil Change®, Take 5 Car Wash®, Meineke Car Care Centers®, Maaco®, 1-800-Radiator & A/C®, Auto Glass Now®, and CARSTAR®. Driven Brands has more than 4,900 locations across 14 countries, and services over 70 million vehicles annually. Driven Brands' network generates approximately $2.2 billion in annual revenue from more than $6.1 billion in system-wide sales.\nDisclosure Regarding Forward-Looking Statements\nThis press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are generally identified by the use of forward-looking terminology, including the terms \"...