ADW Capital: Hedge fund proposes Driven Brands buyout

ADW Capital Management, an activist hedge fund based in Florida, has proposed acquiring all outstanding shares of Driven Brands for $18 per share in cash, according to a letter released online.

The proposal values the company at roughly US$3 billion -- a premium of about 42% to Driven Brands’ recent trading price on April 30. ADW Capital Management currently owns about 3.7% of Driven Brands’ outstanding shares.

Driven Brands had not publicly responded to the proposal at the time of the release.