By Colin Kellaher
Driven Brands Holdings has struck a deal to sell its U.S. car wash business for $385 million, and also named a new chief executive.
The provider of automotive services on Tuesday said Jonathan Fitzpatrick, who joined the Charlotte, N.C., company as president and CEO in 2012, will step down on May 9 and hand over the reins to Daniel Rivera, who currently serves as chief operating officer.
Separately, Driven Brands said it will sell its U.S. car wash business to privately held Whistle Express Car Wash for $255 million in cash and a $130 million interest-bearing seller note in a deal slated to close in the second quarter.
The company said it will use the cash to reduce debt, adding that it plans to focus on its growing Take 5 Oil Change brand and its stable, cash-generating franchise brands.
Driven Brands said Fitzpatrick will become non-executive chairman on May 9 and will serve as a senior adviser for the rest of the year, adding that its current chairman, Neal Aronson, will remain on the board.
Rivera joined Driven Brands in 2012 and has been chief operating officer since February 2023.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
February 25, 2025 08:09 ET (13:09 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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