08:16 AM EDT, 03/26/2026 (MT Newswires) -- Driven Brands ( DRVN ) shareholder ADW Capital Management said Thursday it issued an open letter urging the board and controlling shareholder Roark Capital Group to conduct a strategic review process for the potential separation of assets or sale of the company.

ADW Capital, which has an about 2.5% stake in Driven Brands ( DRVN ), said in its letter Wednesday that the company is "materially undervalued" due to alleged "structural, capital allocation, and governance failures."

The activist investor urged the board to engage independent advisors, increase transparency, reduce overhead, and evaluate governance changes.

Driven Brands ( DRVN ) and Roark Capital did not immediately reply to a request for comment from MT Newswires.

Shares of Driven Brands ( DRVN ) were down 1.9% in recent premarket activity Thursday.