Automotive Services Provider Driven Brands Adopts $50M Share Buyback Program

Driven Brands Holdings Inc DRVN 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 company plans to fund the share repurchase through combination of cash on hand, cash flow from operations, and revolving line of credit.

Share 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. 

"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 President and CEO Jonathan Fitzpatrick.

Driven Brands held $212.1 million in cash and equivalents as of July 1, 2023.

Price Action: DRVN shares closed lower by 0.83% at $14.36 on Tuesday.