DRVN Stock Movement Summary Driven Brands Holdings completed the sale of its international car wash business, IMO, to Franchise Equity Partners for approximately €411 million. The divestiture allows the company to streamline its portfolio and concentrate on core North American operations, specifically its "Take 5" oil change brand. The transaction also enables debt reduction. Following the completion, the company is adjusting its financial reporting structure. Operations from the divested car wash business will be reclassified as discontinued operations. Additionally, "Auto Glass Now" will be elevated to a standalone reporting segment. The stock extended its rally following the announcement of this divestiture completion.
Read full analysisDRVN Stock Movement Summary Driven Brands Holdings completed the sale of its international car wash business, IMO, to Franchise Equity Partners for approximately €411 million. The divestiture allows the company to streamline its portfolio and concentrate on core North American operations, specifically its "Take 5" oil change brand. The transaction also enables debt reduction. Following the completion, the company is adjusting its financial reporting structure. Operations from the divested car wash business will be reclassified as discontinued operations. Additionally, "Auto Glass Now" will be elevated to a standalone reporting segment. The stock extended its rally following the announcement of this divestiture completion.
Driven Brands Holdings Inc. (DRVN) is a publicly traded company in the Broad Market sector.