Driven Brands Acquires 18 Frank’s Car Wash Express Stores

Rhea-AI Summary

Driven Brands Holdings Inc. (NASDAQ: DRVN) announced the acquisition of 18 Frank’s Car Wash Express stores in South Carolina, marking its largest tuck-in acquisition to date. This follows the recent acquisition of 10 Racer Classic Car Washes in Texas, bringing the total to 50 car washes acquired in 2021 alone. Since entering the car wash industry in August 2020, Driven Brands has acquired 67 car washes. The company operates nearly 1,000 locations across 14 countries and aims to leverage its growth strategy in the fragmented car wash market.

Positive

• Largest car wash tuck-in acquisition to date with 18 stores acquired.
• Total of 50 car washes acquired in 2021, indicating strong growth.
• Strategic expansion in a fragmented industry with nearly 1,000 locations worldwide.

Negative

• None.

Total of 67 car washes acquired since entering the business in August 2020

CHARLOTTE, N.C., July 15, 2021 (GLOBE NEWSWIRE) -- Driven Brands Holdings Inc. (NASDAQ: DRVN) today announced the acquisition of 18 Frank’s Car Wash Express stores in South Carolina. This acquisition is the largest car wash tuck-in acquisition for Driven Brands to date and follows the 10 recently acquired Racer Classic Car Washes in Texas in May. Including these two acquisitions, Driven Brands has acquired a total of 50 car washes in 2021. Since acquiring International Car Wash Group in August of 2020, Driven Brands has acquired 67 car washes.

“We’ve been extremely pleased with the performance of the Car Wash segment within the Driven Brands portfolio,” said Jonathan Fitzpatrick, president and CEO of Driven Brands. “In this highly fragmented industry, our expansion efforts are just getting started. While we continue to build new car washes, this acquisition strategy complements our efforts to bring the power of Driven Brands to car washes across North America.”

Frank’s Car Wash Express has washed more than 14 million cars since 1973, and The State newspaper has voted Frank’s the “Best” car wash for 26 years in a row. It has 18 locations from the South Carolina midlands extending toward the coast.

“The family and I are excited about this opportunity to partner with Driven Brands to build upon the legacy my father Frank started in 1973,” said Mike Hutchins, former owner of Frank’s Car Wash Express. “For the past 48 years we have strived for excellence, and we are very happy that Driven Brands shares this same vision and standards. Although this decision was not an easy one, I knew from day one that Driven Brands was the right fit to continue the reputation as the premier car wash company in South Carolina.”

Driven Brands now operates nearly 1,000 car washes in 14 countries across the United States, Europe, and Australia.

About Driven Brands Car Wash
Driven Brands Car Wash is the world’s largest car wash company. Driven Brands entered the car wash industry in 2020 with the acquisition of International Car Wash Group. Driven Brands Car Wash operates nearly 1,000 locations in 14 countries across the United States, Europe and Australia, with over 250 locations in the United States. The Company was founded in Germany in 1965 under the IMO brand, the name still used at its non-US locations. Driven Brands Car Wash is a member of Driven Brands, the largest automotive services company in North America. Owner/operators interested in joining the Driven Brands Car Wash family can visit https://www.drivenbrands.com/sell-your-carwash/.

About Driven Brands
Driven Brands™, headquartered in Charlotte, NC, is the largest automotive services company in North America, providing a range of consumer and commercial automotive needs, including paint, collision, glass, vehicle repair, oil change, maintenance and car wash. Driven Brands is the parent company of some of North America’s leading automotive service businesses including Take 5 Oil Change®, Meineke Car Care Centers®, Maaco®, 1-800-Radiator & A/C®, and CARSTAR®. Driven Brands has more than 4,200 locations across 15 countries, and services over 50 million vehicles annually. Driven Brands’ network generates more than $1 billion in revenue from more than $3 billion in system-wide sales. For more information on the power of Driven Brands, visit www.drivenbrands.com.

Media inquiries:
Katie Blixt
katie.blixt@drivenbrands.com
(704) 644-8129

FAQ

What is the significance of the recent acquisition by Driven Brands (DRVN)?

The acquisition of 18 Frank’s Car Wash Express stores is the largest tuck-in acquisition for Driven Brands, underlining its strategy for expansion in the car wash sector.

How many car washes has Driven Brands acquired in 2021?

Driven Brands has acquired a total of 50 car washes in 2021, including the recent acquisition of Frank’s Car Wash Express and Racer Classic Car Washes.

What impact does the acquisition of Frank’s Car Wash Express have on Driven Brands (DRVN)?

This acquisition strengthens Driven Brands' position in the car wash market, enhancing its growth prospects and operational scale.

How many locations does Driven Brands operate currently?

Driven Brands operates nearly 1,000 car washes across 14 countries, reflecting its significant presence in the industry.