Driven Brands Holdings Inc.

16.74

+0.30001.82%

Post-market: 16.740.00000.00%19:48 EDT

Volume:569.50K

Turnover:9.47M

Market Cap:2.75B

PE:-9.20

High:16.78

Open:16.37

Low:16.11

Close:16.44

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Press Release: Driven Brands Announces Closing of Sale of U.S. Car Wash Business

Dow Jones

·

11 Apr

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Following the release, management will host a conference call at 8:30 a.m. ET to review the Company’s financial and operating performance.Driven Brands, headquartered in Charlotte, NC, is the largest automotive services company in North America, providing a range of consumer and commercial automotive services, including paint, collision, glass, vehicle repair, oil change, maintenance and car wash. Driven Brands is the parent company of some of North America’s leading automotive service businesses including Take 5 Oil Change , Meineke Car Care Centers, Maaco, 1-800-Radiator & A/C, Auto Glass Now, and CARSTAR. Driven Brands has approximately 4,800 locations across 14 countries and services approximately tens of millions of vehicles annually. Driven Brands’ network generates approximately $2.0 billion in annual revenue from approximately $6.","market":"us","thumbnail":null,"type":0,"news_type":0,"thumbnails":[],"rights":null,"property":["earning"],"language":"en","translate_title":"","themeId":null,"theme_name":"","theme_type":"","isJumpTheme":false,"source_url":"https://finance.yahoo.com/news/driven-brands-holdings-inc-host-111500658.html","is_publish_highlight":false,"source_rank":0,"column":"","sentiment":"0","news_top_title":null,"news_tag":"","news_rank":0,"length":0,"strategy_id":0,"source":"yahoofinance","symbols":["HST","DRVN"],"gpt_icon":0},{"id":"2526148512","title":"Driven Brands Closes Sale of US Car Wash Business","url":"https://stock-news.laohu8.com/highlight/detail?id=2526148512","media":"MT Newswires Live","labels":[],"top":-1,"itemType":null,"share":"https://ttm.financial/m/news/2526148512?lang=en_us&edition=fundamental","pubTime":"2025-04-11 01:46","pubTimestamp":1744307175,"startTime":"0","endTime":"0","summary":"Driven Brands  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","market":"us","thumbnail":null,"type":0,"news_type":0,"thumbnails":[],"rights":null,"property":[],"language":"en","translate_title":"","themeId":null,"theme_name":"","theme_type":"","isJumpTheme":false,"source_url":"https://www.mtnewswires.com/","is_publish_highlight":false,"source_rank":0,"column":"","sentiment":"0","news_top_title":null,"news_tag":"","news_rank":0,"length":0,"strategy_id":0,"source":"mtnewswires_news","symbols":["BK4137","DRVN"],"gpt_icon":0},{"id":"2526196725","title":"Press Release: Driven Brands Announces Closing of Sale of U.S. Car Wash Business","url":"https://stock-news.laohu8.com/highlight/detail?id=2526196725","media":"Dow Jones","labels":["corporation"],"top":-1,"itemType":null,"share":"https://ttm.financial/m/news/2526196725?lang=en_us&edition=fundamental","pubTime":"2025-04-11 00:45","pubTimestamp":1744303500,"startTime":"0","endTime":"0","summary":"Driven Brands Holdings Inc.   today announced the completion of the sale of its U.S. car wash business to Express Wash Operations, LLC dba Whistle Express Car Wash .\"The completion of this transaction marks an important milestone for Driven Brands, enabling us to focus on our industry-leading Take 5 Oil Change business underpinned by our stable, cash-generating franchise businesses,\" said Jonathan Fitzpatrick, President and Chief Executive Officer. \"I want to thank everyone involved for their hard work in completing this transaction. We are confident this disposition will better position the company to execute on our strategic initiatives.\". Under the terms of the agreement, Whistle paid Driven Brands approximately $255 million in cash and delivered to Driven Brands a negotiable interest-bearing seller note in the principal amount of $130 million. Final proceeds are subject to customary post-closing adjustments and payment of transaction-related fees and expenses. 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