Activist hedge fund ADW Capital has lodged a formal bid to acquire Driven Brands, the parent of Meineke and Auto Glass Now, for close to $3 billion. The offer values each share at $18, roughly a 40% premium to the stock’s recent level. A letter seen by the Wall Street Journal shows ADW, which holds about 3.7% of Driven, seeking full control.

ADW’s move follows a January demand that Driven launch a strategic review, exploring a sale or breakup of its fragmented automotive‑service portfolio. By targeting the majority owner, private‑equity firm Roark Capital, the hedge fund hopes to replace what it calls mismanagement with a more focused growth plan. Investors will weigh the premium against the risk of dismantling a brand suite that generates steady cash flow.

If the bid succeeds, Driven’s roughly $5 billion enterprise value would be anchored by a cash‑heavy transaction, potentially unlocking value for shareholders but also prompting a re‑evaluation of its service‑center network. Roark Capital would be forced to exit a position it built over more than a decade, while ADW could steer Meineke and related brands toward a public‑market exit or private consolidation.