An announcement from Driven Brands Holdings ( (DRVN) ) is now available.
Driven Brands Holdings Inc. announced a definitive agreement to sell its U.S. car wash business to Express Wash Operations, LLC for $385 million. The transaction is expected to streamline the company’s operations and focus on its core businesses, with the sale proceeds aiding in debt reduction and portfolio management. Additionally, the company reported financial results for fiscal year 2024, with a 2% revenue increase to $2.3 billion and a net loss reduction compared to the previous year. In a leadership transition, Jonathan Fitzpatrick will step down as CEO on May 9, 2025, to be succeeded by Daniel Rivera, the current COO. Fitzpatrick will remain as Non-Executive Chair of the Board, ensuring continuity in leadership.
More about Driven Brands Holdings
Driven Brands Holdings Inc. operates in the automotive services industry, providing a wide range of services including maintenance, car wash, paint, collision, glass, and platform services. The company focuses on both company-operated and franchised brands, with a significant presence in North America and a growing international footprint.
YTD Price Performance: -4.37%
Average Trading Volume: 516,893
Technical Sentiment Consensus Rating: Hold
Current Market Cap: $2.51B
Learn more about DRVN stock on TipRanks’ Stock Analysis page.