Driven Brands Acquires Florida-Based K&K Glass For Undisclosed Sum

Automotive services company Driven Brands Holdings Inc DRVN has acquired Florida-based K&K Glass, an automotive glass retailer, for undisclosed financial terms.
Opened in 1994 by Dan Knowlton, K&K has seven locations, over 20 warehouses, and over 100 mobile vans.
K&K is Driven Brands' fifth U.S. automotive glass acquisition and will be reported in its Paint, Collision, and Glass segment.
"We remain highly acquisitive in this segment as we look to support the needs of our customers in this extremely fragmented industry," said Michael Macaluso, EVP and paint, collision, and glass group president, Driven Brands.
Driven Brands held $312.2 million in cash and equivalents as of March 26, 2022.
Driven Brands first entered the glass business in Canada with the acquisition of Uniban Canada in 2019 and now has over 350 locations across North America.
Price Action: DRVN shares closed lower by 1.10% at $27.95 on Wednesday.