Driven Brands to sell U.S. car wash business for $385M

Driven Brands (DRVN) announced that it has entered into a definitive agreement to sell its U.S. car wash business to Express Wash Operations dba Whistle Express Car Wash for $385M. Cash proceeds from the transaction will be used primarily to pay down debt as Driven Brands works to achieve 3x or less net leverage by the end of 2026. Under the terms of the agreement, Whistle has agreed to pay Driven Brands $255M in cash and deliver to Driven Brands an interest-bearing seller note in the principal amount of $130M, subject to customary adjustments. The transaction is expected to close in the second quarter of 2025, subject to customary closing conditions.