Franchise Equity Partners will acquire IMO Car Wash from Driven Brands for 406 million euros, which equates to about $471.9 million.

Driven Brands Holdings Inc. has entered into a definitive agreement to sell IMO, its international car wash business to Franchise Equity Partners.

Driven Brands Holdings Inc. (NASDAQ:DRVN) announced Tuesday it has entered into a definitive agreement to sell its international car wash business, IMO, to Franchise Equity Partners for €406 million.

Driven Brands Holdings Inc. is selling IMO Car Wash to Franchise Equity Partners for €406 million -- about $606 million.

The move brings 720 locations to the private equity firm.

Following the divestiture, Driven Brands anticipates a slight decrease in same-store sales growth, but maintains its store expansion targets.

FEP announces the IMO Car Wash acquisition, adding 720 global sites and expanding its multi-unit retail presence.

Franchise Equity Partners (FEP) is set to acquire IMO Car Wash, one of the world’s largest tunnel car wash networks with 725 locations. The portfolio includes sites in the United Kingdom, Germany, 9 other European countries and Australia.

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The transaction includes IMO’s entire network of 720 locations, primarily across the UK and Germany.