Driven Brands (NASDAQ: DRVN) Announces the Sale of its Canadian Distribution Business
Driven Brands Holdings Inc. (DRVN) ("Driven Brands" or the "Company"), the largest automotive services company in North America, today announced the sale of its Canadian distribution business, primarily operated under the PH Vitres d’Auto brand (“PH”), to PGW Auto Glass, a leading North American glass distributor, effective August 31, 2024. Terms of the transaction are not being disclosed.
The Canadian distribution business was reported in the Company’s Platform Services segment. Net proceeds from the transaction generally will be used to pay down debt. The sale is expected to have minimal impact on the Company’s fiscal year 2024 outlook. The Company will provide further details on its third quarter earnings call.
“I want to thank Richard Jutras, President of PH, and the entire team at PH for being great partners over the last five years. We are confident that the business will continue to perform well under its new ownership,” said Jonathan Fitzpatrick, President and Chief Executive Officer.
Mike Diamond, EVP and Chief Financial Officer added, “Driven Brands is committed to our active portfolio management strategy. Although the sale of PH will have limited impact on the Company’s financials, this transaction will reduce debt and be margin rate accretive. We will provide further details and update our full-year outlook based on the disposition during our Q3 earnings call.”
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Ashland (NYSE: ASH) completes sale of nutraceuticals business
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Ashland Inc. (NYSE: ASH) today announced it has completed the sale of its nutraceuticals business to an affiliate of Turnspire Capital Partners LLC (“Turnspire”) effective August 30, 2024. The sale includes custom formulation and contract manufacturing capabilities for the nutrition market from the production facilities in New Jersey and Utah in the United States, and Tamaulipas, Mexico. Financial terms of the transaction were not disclosed.
“The nutraceuticals business has a strong portfolio of proprietary ingredients, formulation and manufacturing capabilities,” said Guillermo Novo, chair and chief executive officer, Ashland. “I want to thank the employees for their dedication and commitment to Ashland and to our customers over the years. On behalf of the Ashland team, I wish the new Pharmachem Innovations continued success as part of the Turnspire family of companies.”
“We greatly appreciate the Ashland team’s consistent constructive approach to achieve this win-win transaction,” said Ilya Koffman, managing partner, Turnspire. “We look forward to working with the talented management and employees of Pharmachem Innovations to build on the business’s rich legacy as a leader in the growing and compelling nutraceuticals space.
Citi acted as financial advisor to Ashland. Cravath, Swaine & Moore LLP acted as legal advisor to Ashland.
For more information, visit pharmachem.com
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