$DRVN Cruising through the Driven Brands thesis | Kyle Mowery GrizzlyRock Capital

YAVP Episode #391

Driven Brands ($DRVN; disclosure: long) puked on a February accounting restatement. Kyle Mowery (GrizzlyRock Capital) returns (see his first DRVN appearance here) to walk through why Take 5 remains a crown jewel and could be worth the entire EV of the company (making the franchise and autoglass businesses a free option). We also dig into how the April and May 8-Ks took the scary left-tail risks off the table, why Roark Capital (65% owner) might run a sale process later this year, and the bear case (corporate cost bloat, weakness in the non-Take-5 brands).

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