Driven Brands (DRVN) said Thursday it closed the sale of its US car wash business to Express Wash Operations for about $385 million.

Express Wash Operations, which does business as Whistle Express Car Wash, paid about $255 million in cash and issued a $130 million interest-bearing seller note to Driven Brands, the company said.

Driven Brands said it plans to use the cash proceeds to reduce debt and target a net leverage ratio of three times or less by the end of 2026.

Shares of Driven Brands were down 2% in recent trading.

Price: 15.95, Change: -0.33, Percent Change: -2.03