Franchise Equity Partners to acquire IMO Car Wash from Driven Brands for $470.7m.

Franchise Equity Partners, a provider of capital solutions for the franchise sector, agreed to acquire IMO Car Wash, a global car wash brand operating in Europe and Australia, from Driven Brands, an automotive services company, for $470.7m. “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. This transaction will reduce pro forma leverage by approximately 0.3x and demonstrates our commitment to achieve 3x net leverage by the end of 2026,” Mike Diamond, Driven Brands CIO.