Mister Car Wash announced the completion of its take-private acquisition by investment funds managed by Leonard Green & Partners in an all-cash transaction implying a total enterprise value of approximately $3.1 billion.
Under the terms of the transaction, Leonard Green & Partners acquired all outstanding shares of Mister Car Wash common stock not already owned by its affiliates for $7.00 per share in cash. Members of management rolled over a portion of their ownership interests into the private company.
Following the completion of the transaction, Mister Car Wash’s common stock ceased trading on the Nasdaq exchange and will be delisted.
Headquartered in Tucson, Arizona, Mister Car Wash operates approximately 550 locations and maintains what it says is the largest car wash subscription program in North America. The company said it plans to continue investing in customer experience, technology, and operational growth as a private company.
BofA Securities and Centerview Partners served as financial advisors to the special committee of the Mister Car Wash Board of Directors, while Morris, Nichols, Arsht & Tunnell served as legal counsel. Latham & Watkins served as legal counsel to Mister Car Wash. Jefferies acted as financial advisor to Leonard Green & Partners, and Simpson Thacher & Bartlett served as legal counsel to the private equity firm.
Leonard Green & Partners, founded in 1989 and based in Los Angeles, manages more than $85 billion in assets and focuses primarily on investments across consumer, healthcare, business services, distribution, and industrial sectors.
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“We are excited for the next phase of growth and going private gives us greater flexibility to continue investing behind providing a superior customer experience. We couldn’t be more excited about the opportunity to partner with Leonard Green during this next phase. They have been a great partner since 2014 and understand the business and industry deeply.”
John Lai, Chairman and CEO, Mister Car Wash
