Mister Car Wash goes private in $3.1B deal with LGP
All-cash acquisition delists the company from Nasdaq as it enters a new growth phase under private equity ownership.
Mister Car Wash has completed its acquisition by investment funds managed by Leonard Green & Partners (LGP) in an all-cash transaction valued at $3.1 billion. The deal takes the U.S.-based car wash operator private, with its shares ceasing trading on Nasdaq.
Under the terms of the agreement, LGP acquired all outstanding shares not already owned by its affiliates at $7.00 per share in cash. Members of the management team retained a portion of their ownership, maintaining alignment with the company’s future development.
The transaction marks a strategic shift for Mister Car Wash, which operates around 550 locations and runs the largest car wash subscription program in North America. Going private is expected to provide greater flexibility to invest in operations, technology and customer experience initiatives without the constraints of public markets.
Chairman and CEO John Lai said: “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.” He added that the partnership builds on a long-standing relationship with LGP, which has been involved with the company since 2014.
Leonard Green & Partners is a U.S.-based private equity firm managing more than $85 billion in assets, with a focus on consumer and service-oriented businesses. The acquisition highlights continued private equity interest in service-based retail sectors, including car wash operations, driven by recurring revenue models and subscription growth.
