Driven Brands Holdings Inc. (DRVN) experienced a significant pre-market plunge of 5.35% on Tuesday, February 25, 2025, amid two major announcements from the company.
Firstly, Driven Brands announced that it had agreed to sell its US car wash business to Whistle Express Car Wash for $385 million. The company stated that it would primarily use the cash proceeds to reduce debt, aiming to achieve a net leverage ratio of three times or less by the end of 2026.
Secondly, Driven Brands revealed a CEO transition, with Chief Operating Officer Daniel Rivera set to replace Jonathan Fitzpatrick as the company's President and Chief Executive Officer on May 9, 2025. Fitzpatrick, who has served as Driven Brands' President and CEO since 2012, will continue to serve on the Board as Non-Executive Chair and act as a senior advisor for the remainder of 2025.
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