Private equity heavyweight Leonard Green & Partners LP is tightening its grip on Mister Car Wash Inc., agreeing to buy all outstanding shares it does not already own in a transaction that values the company at $3.1 billion, the car wash operator announced Wednesday.
The move marks a decisive turn for the Tucson, Arizona-based brand — a shift from the public markets’ glare to the quieter corridors of private ownership. If completed, the deal will take Mister Car Wash off the public stage and into the hands of investment funds managed by Leonard Green.
$7 Per Share in Cash
Under the agreement, Leonard Green will pay $7 per share in cash for the remaining stock it does not currently control. The private equity firm already beneficially owns about 67% of Mister Car Wash’s outstanding common shares, stemming from its initial investment in 2014.
The $7-per-share price carries a 29% premium over the volume-weighted average trading price of the shares during the 90 days leading up to and including Feb. 17, the company said.
Investors reacted swiftly. Shares surged more than 16% Wednesday, climbing to $7 per share — matching the offer price as the market digested the buyout news.
