Activist ADW Capital has called on Driven Brands to launch an immediate strategic review, urging the automotive services group to consider a sale or break-up, according to a report by the Wall Street Journal.
The hedge fund, led by Adam Wyden, holds a roughly 2.5% stake in the company and has written to both Driven and its majority owner, Roark Capital, criticising the firm’s strategy and oversight.
Driven, which owns Meineke and Auto Glass Now, has a market value of around $2bn. Roark acquired...
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