Mister Car Wash has agreed to be taken private by investment funds managed by Leonard Green & Partners in an all-cash transaction valued at an implied enterprise value of $3.1 billion.
Under the terms of a definitive merger agreement, LGP will acquire all outstanding shares of Mister Car Wash common stock not already owned by its affiliates for $7.00 per share in cash. The price represents a 29% premium to the company’s volume-weighted average price over the 90 days prior to and including February 17, 2026.
LGP, which first invested in the Tucson, Arizona-based company in 2014, currently beneficially owns approximately 67% of Mister Car Wash’s outstanding common stock. Upon completion of the transaction, the company’s shares will no longer trade on Nasdaq, and Mister Car Wash will operate as a privately held company owned by LGP-managed funds.
The transaction was unanimously approved and recommended by a Special Committee of the company’s board composed entirely of independent directors, each advised by its own financial and legal advisors. Following the Special Committee’s recommendation, the full board unanimously approved the deal, with directors affiliated with LGP recusing themselves from the vote.
Based in Tucson, Arizona, Mister Car Wash operates approximately 550 locations and runs the largest car wash subscription program in North America. The company positions itself as the nation’s leading car wash brand, with a focus on customer experience, technology, and environmental responsibility.
Founded in 1989 and based in Los Angeles, Leonard Green & Partners manages more than $75 billion in assets and invests primarily in services businesses, including consumer, healthcare, and business services, as well as distribution and industrials.
The acquisition is expected to close in the first half of 2026, subject to regulatory approvals and customary closing conditions.
Support: BofA Securities and Centerview Partners are serving as financial advisors to the Special Committee, with Morris, Nichols, Arsht & Tunnell acting as its legal counsel. Latham & Watkins is acting as legal counsel to Mister Car Wash, and Simpson Thacher & Bartlett is serving as legal counsel to LGP.
KEY QUOTE:
“Taking our company private will help us accelerate our growth by investing more boldly in our stores, our people, and our technologies to capture the multiple opportunities ahead. Most importantly, it brings us closer to fulfilling our vision of tripling our footprint while staying true to the values and mission that got us here,”
John Lai, CEO, Mister Car Wash
