On February 24, 2025, the Company entered into a definitive agreement to sell its U.S. Car Wash business to Express Wash Operations, LLC dba Whistle Express Car Wash (the “Buyer”) for an aggregate purchase price of $385 million, subject to customary adjustments for cash, indebtedness, working capital, and transaction expenses. Under the terms of the agreement, the Buyer agreed to pay the Company $255 million in cash and deliver to the Company an interest-bearing seller note (“Seller Note”) evidencing a loan in the initial principal amount of $130 million, subject to customary adjustments.

On April 10, 2025, the Company received net cash proceeds of $252 million and consummated the Seller Note. A net gain of $36 million was recognized on sale of the business, which included $11 million of income tax expense, $5 million of transaction costs, and $4 million of working capital adjustments paid to the buyer during the three months ended March 28, 2026. In July 2025, the Company sold the Seller Note for $113 million. Net proceeds were utilized to repay the outstanding balance of $46 million on the Term Loan Facility and $65 million on the Revolving Credit Facility.

This divestiture qualified as discontinued operations as of February 24, 2025 as it represented a strategic shift relating to the Company’s car wash footprint and services offered within the U.S. and had a major effect on the consolidated results of operations. Accordingly, the results of operations for the U.S. Car Wash disposal group and certain transaction related costs were classified as discontinued operations within the consolidated statements of operations. Results outlined below were historically reflected within the Car Wash Segment within the previously filed financial statements, prior to the Company resegmenting in fiscal year 2025.


	Three Months Ended
(in thousands)	March 28, 2026		March 29, 2025
			As Restated
Net revenue:
Company-operated store sales	$	—	$	93,408
Supply and other revenue	—		165
Total net revenue	—		93,573
Operating Expenses:
Company-operated store expenses	—		75,751
Supply and other expenses	—		359
Selling, general, and administrative expenses	—		28,088


Depreciation and amortization	—		2,203



Total operating expenses	—		106,401
Operating loss	—		(12,828)
Other expenses, net:
Interest expense, net	—		5

Loss before taxes from discontinued operations	—		(12,833)
Income tax benefit	—		(2,760)
Net loss from discontinued operations	$	—	$	(10,073)

The cash flows related to discontinued operations have not been segregated and are included within the statements of cash flows. The following table presents cash flow and non-cash information related to the U.S. Car Wash business:


	Three Months Ended
(in thousands)	March 28, 2026		March 29, 2025
			As Restated
Depreciation and amortization	$	—	$	2,203
Capital expenditures	—		4,657
Loss on sale or disposal of assets	—		7,535
Asset impairment	—		476

On November 27, 2025, the Company entered into a definitive agreement to sell its ICW business to Neptune Acquisition Bidco Limited. On January 27, 2026, the Company completed the sale of ICW for an aggregate purchase price of €411 million or approximately $490 million. A net gain of $29 million was recognized on sale of the business, which included $4 million of transaction costs as well as $37 million of cumulative translation adjustment income and less than $1 million of actuarial income for a defined pension plan included within other comprehensive income during the three months ended March 28, 2026. The Company primarily used the proceeds to fully repay the outstanding balance of $252 million for the 2019-2 Senior Notes, make a partial repayment of $80 million for the 2020-1 Senior Notes, and make a repayment of $140 million for the Revolving Credit Facility.

This divestiture qualified as discontinued operations as of November 27, 2025 as it represented a strategic shift relating to the Company’s car wash footprint and services offered outside of the U.S. and had a major effect on the consolidated results of operations. Accordingly, the results of operations for the ICW disposal group and certain transaction related costs were classified as discontinued operations within the consolidated statements of operations. Results outlined below were historically reflected within the Car Wash Segment within the previously filed financial statements, prior to the Company resegmenting in fiscal year 2025.


	Three Months Ended
(in thousands)	March 28, 2026		March 29, 2025
Net revenue:
Independently-operated store sales	$	15,315	$	66,640
Supply and other revenue	390		1,386
Total net revenue	15,705		68,026
Operating Expenses:
Independently-operated store expenses	9,766		36,487
Supply and other expenses	215		915
Selling, general, and administrative expenses	3,069		8,194


Depreciation and amortization	—		13,230



Total operating expenses	13,050		58,826
Operating income	2,655		9,200
Other expenses, net:
Interest expense, net	37		140
Income before taxes from discontinued operations	2,618		9,060
Income tax expense	905		2,569
Net income from discontinued operations	$	1,713	$	6,491


(in thousands)	March 28, 2026		December 27, 2025
Assets
Current assets:
Cash and cash equivalents	$	—	$	29,744
Accounts and notes receivable, net	—		5,386
Inventory	—		10,048
Prepaid and other assets	—		15,273
Income tax receivable	—		1,542
Total current assets of discontinued operations	—		61,993

Property and equipment, net	—		309,440
Operating lease right-of-use assets	—		121,901
Intangibles, net	—		34,205
Goodwill	—		204,442
Deferred tax assets	—		1,502
Total assets of discontinued operations	$	—	$	733,483
Liabilities
Current liabilities:
Accounts payable	$	—	$	10,047
Accrued expenses and other liabilities	—		43,675
Income tax payable	—		19,954
Current portion of long-term debt	—		119
Total current liabilities of discontinued operations	—		73,795

Deferred tax liabilities	—		44,479
Operating lease liabilities	—		101,909
Long-term accrued expenses and other liabilities	—		19,231
Total liabilities of discontinued operations	$	—	$	239,414


	Three Months Ended
(in thousands)	March 28, 2026		March 29, 2025
Depreciation and amortization	$	—	$	13,230
Capital expenditures	614		8,185
Loss (gain) on sale or disposal of fixed assets	192		(306)
Asset impairment	—		65