Driven Brands (DRVN) said Tuesday that it has agreed to sell its carwash business IMO, to Franchise Equity Partners for 406 million euros ($471.2 million).

Proceeds will primarily be used to pay down debt and for general corporate purposes, the company said.

The transaction is expected to close in Q1.

Because of the divestment, the company also lowered its outlook for the fiscal year ending Dec. 27 to adjusted diluted EPS of between $1.18 and $1.23 on revenue of $1.85 billion to $1.87 billion. That compares with the company's previous guidance of $1.23 to $1.28 per adjusted diluted EPS on revenue of $2.10 billion to $2.12 billion.

Analysts polled by FactSet expect non-GAAP EPS of $1.26 on revenue of $2.12 billion.