Benzinga | Jul 15, 2021 08:41AM EDT

Driven Brands Acquires 18 Frank's Car Wash Express Stores For Undisclosed Sum

* Driven Brands Holdings Inc (NASDAQ:DRVN) has acquired 18 Frank's Car Wash Express stores in South Carolina for an undisclosed sum.

* Driven Brands had recently purchased 10 Racer Classic Car Washes in Texas in May. It has acquired a total of 50 car washes so far in 2021, including these two acquisitions.

* "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," said CEO Jonathan Fitzpatrick.

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

* The company held $175.4 million in cash and equivalents as of March 31, 2021.

* Price action: DRVN shares closed higher by 0.45% at $29.04 on Wednesday.