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Subsequent Events
9 Months Ended
Sep. 25, 2021
Subsequent Events [Abstract]  
Subsequent Events Subsequent Events
On September 29, 2021, Driven Brands Funding, LLC and Driven Brands Canada Funding Corporation (together, the “Co-Issuers”), each wholly owned indirect subsidiaries of the Company issued $450 million of 2021-1 Securitization Senior Notes, Class A-2, bearing a fixed interest rate of 2.791% per annum, a final legal maturity date of October 20, 2051 and an anticipated repayment date of October 20, 2028 (the “2021 Senior Notes”). The proceeds from the issuance of the 2021 Senior Notes have been used to pay off the outstanding $247 million balance on the Driven Holdings Revolving Credit Facility with the remainder to be used for general corporate purposes including future acquisitions. On November 9, 2021, the Company made a draw of $10 million on the Driven Holdings Revolving Credit Facility.
On September 30, 2021, the Company acquired 10 CARSTAR franchise locations for $31 million. The initial accounting for this acquisition is incomplete as the valuation of the assets acquired and liabilities assumed and residual goodwill has not yet been performed.
From September 26, 2021 through November 9, 2021 the Company acquired 20 car wash sites for $123 million. The initial accounting for these acquisitions is incomplete as the valuation of the assets acquired and liabilities assumed and residual goodwill has not yet been performed.