09:01 AM EST, 02/25/2025 (MT Newswires) -- Driven Brands ( DRVN ) said Tuesday that it agreed to sell its US car wash business to Express Wash Operations, which is doing business as Whistle Express Car Wash, for $385 million.

The company said it will primarily use the cash proceeds to reduce debt to achieve a net leverage ratio of three times or less by the end of 2026.

Under the terms, the company said Whistle would pay Driven Brands ( DRVN ) $255 million in cash and provide a $130 million interest-bearing seller note.

The transaction is expected to close in Q2.