Hold Rating on Driven Brands: Balancing Strategic Optimism with Growth CautionWe estimate the remaining international car wash business had a roughly 30.7% adj. EBITDA margin during FY24, compared to ~13.6% for the US business. Further, DRVN plans to use the majority of the cash proceeds (~$255mn) to reduce leverage, and will receive a $130mn pay-in-kind seller note with a graduated interest rate from 13% in year one to 17% during year three and thereafter. We also note that a successful completion of the deal would position Whistle Express as the largest express car wash operator in the US with Kate McShane, CFA | Mark Jordan, CFA | Goldman Sachs & Co.