Driven Brands Holdings Inc. (NASDAQ: DRVN) announced it has completed the previously announced sale of its U.S. car wash business to Whistle Express Car Wash.
The transaction, valued at approximately $385 million, consists of $255 million in cash and a $130 million interest-bearing seller note. The final proceeds may change due to customary post-closing adjustments and transaction-related expenses.
“The completion of this transaction marks an important milestone for Driven Brands, enabling us to focus on our industry-leading Take 5 Oil Change business underpinned by our stable, cash-generating franchise businesses,” said Jonathan Fitzpatrick, President and Chief Executive Officer.
Driven Brands
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