Driven Brands Holdings Inc. announced yesterday it has completed the previously announced sale of IMO, its international car wash business, to Franchise Equity Partners for approximately €411 million ($490.5 million).
The company said cash proceeds from the transaction will primarily be used to pay down debt.
“The completion of this transaction is a strategic milestone for Driven Brands, sharpening our focus on what we do best — scaling our industry-leading Take 5 business and driving consistent cash generation from our franchise brands,” said Danny Rivera, president and chief executive officer. “I want to thank everyone involved for their hard work
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