#USA #Tucson #Mister Car Wash #Leonard Green & Partners

Mister Car Wash Completes Acquisition by Leonard Green & Partners

Mister Car Wash, Inc., the foremost car wash brand in the United States, recently declared the successful completion of its acquisition by investment funds governed by Leonard Green & Partners, L.P. This all-cash deal signifies a total enterprise value of $3.1 billion and is seen as a pivotal moment for the company as it embarks on a new growth phase.

A New Chapter for Mister Car Wash

John Lai, Chairman and CEO of Mister Car Wash, expressed excitement about the future, stating that going private would provide the flexibility needed to invest more in delivering an exceptional customer experience. Since its partnership with Leonard Green began in 2014, Mister Car Wash has appreciated their deep understanding of both the company and the car wash industry as a whole. The aim moving forward is to capitalize on this foundation and continue elevating the customer experience.

As part of this transition, members of the management team rolled over a portion of their ownership, while Leonard Green acquired all outstanding shares of the company’s common stock not previously owned by LGP's affiliates for $7.00 per share in cash. Following this acquisition, the company’s common stock will cease trading and will be delisted from Nasdaq, further signaling its shift to a private entity.

Advisor Contributions

In this complex deal, several advisors played crucial roles. BofA Securities Inc. and Centerview Partners LLC served as financial advisors, while Morris, Nichols, Arsht & Tunnell LLP provided legal counsel to the Special Committee of the Mister Car Wash Board of Directors. Mister Car Wash itself was represented by Latham & Watkins LLP, and Jefferies LLC assisted Leonard Green in the financial advisement process.

Overview of Mister Car Wash

Founded in Tucson, Arizona, Mister Car Wash operates approximately 550 locations across the nation, establishing itself as the largest car wash subscription service in North America. With a dedicated team and cutting-edge technology, the company emphasizes delivering a clean, shiny, and dry vehicle to its customers every time they visit. The Mister brand is anchored in quality service, creating friendly environments, and supporting the communities it serves while prioritizing environmentally responsible practices.

For more information about Mister Car Wash and its operations, check out their official website at www.mistercarwash.com.

About Leonard Green & Partners

Leonard Green & Partners is a distinguished private equity investment firm based in Los Angeles, founded in 1989. Currently managing over $85 billion in assets, the firm typically invests alongside experienced management teams, emphasizing sectors such as consumer, healthcare, and business services, along with distribution and industrials. For further details about LGP, visit www.leonardgreen.com.

This acquisition marks an exciting progression for Mister Car Wash as it sets its sights on expanding its services and enhancing customer satisfaction, supported by the expertise of Leonard Green & Partners.