Driven Brands Holdings Inc. (DRVN): M&A transaction — Driven Brands closes $385M sale of U.S. car wash business to Whistle Express

Driven Brands Holdings Inc.

Cash proceeds of ~$255M plus $130M seller note; total consideration ~$385M subject to adjustments.
Proceeds will be used to pay down debt; company targets net leverage ≤3x by end of 2026.
U.S. car wash business will be reported as discontinued operations beginning in FY2025.
Company will focus on its Take 5 Oil Change business and stable franchise operations.

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

Driven Brands Holdings Inc. completed a disposition involving Express Wash Operations, LLC dba Whistle Express Car Wash for $385 million (closed 2025-04-10).

Action: disposition
Counterparty: Express Wash Operations, LLC dba Whistle Express Car Wash
Consideration: $385 million
Closing: 2025-04-10

Exact text from the filing

the Company completed the divestiture of all of the outstanding equity interests of Boing US Holdco, Inc., a wholly owned subsidiary of the Company that owns and operates the Company’s U.S. car wash business (the “Business”) for aggregate consideration of $385 million including a negotiable interest-bearing seller note in the initial principal amount of $130 million

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Driven Brands Holdings Inc. filing history →

Source: SEC EDGAR

accession 0001804745-25-000036

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