Driven Brands (DRVN) said Tuesday that its board authorized the repurchase of up to $100 million of its common stock, representing about 5% of its market capitalization.

The buyback is part of the company's updated capital allocation priorities that include continued investment in its Take 5 business and a long-term target of 2x to 3x net debt to adjusted EBITDA, the company said.

The company said the updated framework aims to support growth, maintain financial flexibility, and return capital to shareholders.