Driven Brands down after company to sell car wash segment for $471 million

Shares of automotive services Driven Brands DRVN.O drop as much as 3.6% to $13.62 in early market trading

Co announces agreement to sell IMO, its international car wash business to Franchise Equity Partners for 406 million euros ($471.16 million); deal expected to close in first quarter of 2026

Expects annual revenue forecast from continuing operations in the range of $1.85 billion to $1.87 billion compared to prior target of $2.10 billion to $2.12 billion

Sees annual adjusted EPS forecast from continuing operations between $1.18 per share and $1.23 per share on a preliminary basis compared to previous projection of $1.23/shr to $1.28/shr

"The divestiture of our international car wash business helps accelerate our path towards de-levering our balance sheet while maintaining operational focus on our core, North American businesses" says CFO Mike Diamond

As of last close, stock down 12.5% YTD

($1 = 0.8617 euros)