On May 15, 2026, III Capital Management disclosed in a U.S. Securities and Exchange Commission (SEC) filing that it sold 255,860 shares of Driven Brands (NASDAQ:DRVN), an estimated $3.60 million transaction based on quarterly average pricing.
What happened
According to an SEC filing dated May 15, 2026, III Capital Management sold 255,860 shares of Driven Brands during the first quarter. The estimated transaction value was $3.60 million, calculated from the period’s average closing price. The quarter-end value of the fund’s Driven Brands stake declined by $3.96 million, a figure that includes both the sale and changes in the stock price.
What else to know
Top five holdings after the filing:
NYSEMKT: SPY: $145.59 million (59.6% of AUM)
NASDAQ: EMB: $9.86 million (4.0% of AUM)
NASDAQ: VISN: $6.17 million (2.5% of AUM)
NYSEMKT: EEM: $5.40 million (2.2% of AUM)
NYSE: CRH: $3.84 million (1.6% of AUM)
As of Friday, Driven Brands shares were priced at $13.77, down about 22% over the past year and well underperforming the S&P 500, which is up about 28% in the same period.
Company Overview
Metric | Value |
|---|---|
Revenue (TTM) | $1.86 billion |
Net Income (TTM) | ($140.2 million) |
Price (as of Friday) | $13.77 |
Company Snapshot
Driven Brands offers automotive services including paint, collision repair, glass replacement, car washes, oil changes, and maintenance, as well as distribution of automotive parts and consumables.
The firm operates a hybrid model of company-operated, franchised, and independently-operated stores, generating revenue from service fees, product sales, and franchise royalties.
It serves retail and commercial customers across the United States, Canada, and international markets, targeting both individual vehicle owners and automotive repair businesses.
Driven Brands leverages a portfolio of established brands to serve a broad customer base. The company’s multi-brand strategy and mix of service offerings provide scale advantages and recurring revenue streams. Driven Brands’ focus on both retail and commercial clients positions it to capture demand across multiple segments of the automotive aftermarket.
What this transaction means for investors
This sale ultimately looks less like a verdict on Driven Brands’ business and more like a decision to reduce exposure to a company still working through credibility issues after a lengthy accounting restatement process. Even as the stock has struggled, the underlying business showed signs of stabilization heading into 2026.
Driven Brands reported fiscal 2025 revenue of $1.86 billion, up 6% year over year, while adjusted EBITDA increased to $449 million. Perhaps most encouraging, Take 5 Oil Change delivered 6.2% same-store sales growth for the year and recorded its 22nd consecutive quarter of same-store sales growth, reinforcing management’s view that it remains the company’s primary growth engine.
CEO Danny Rivera said the company spent 2025 streamlining its portfolio, reducing leverage, and strengthening internal controls after completing the financial restatement. Management also reiterated expectations for first-quarter 2026 Take 5 same-store sales growth of 4.3% to 4.5% and forecast up to $145 million in free cash flow this year.
Ultimately, the turnaround has been increasingly visible in the operating results, but it seems management still needs to prove that stronger execution and cleaner financial reporting can translate into sustained shareholder confidence.
