Driven Brands (DRVN) said Tuesday that it agreed to sell its US car wash business to Express Wash Operations, which is doing business as Whistle Express Car Wash, for $385 million.
The company said it will primarily use the cash proceeds to reduce debt to achieve a net leverage ratio of three times or less by the end of 2026.
Under the terms, the company said Whistle would pay Driven Brands $255 million in cash and provide a $130 million interest-bearing seller note.
The transaction is expected to close in Q2.
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