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
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