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
Subscribers need to be logged in to see rest of this article. Please Login to access. If you're not a subscriber, click here for information on our satisfaction guaranteed subscription options.