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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.

Board and Committee Back the Deal

The transaction received unanimous approval and recommendation from a special committee of Mister Car Wash’s board of directors. The full board also voted unanimously in favor of the deal, acting on the committee’s recommendation.

The special committee was advised by Morris Nichols Arsht & Tunnell LLP, according to the company’s announcement.

On the advisory front, Latham & Watkins LLP is serving as counsel to Mister Car Wash, with a corporate deal team led by partners Paul Kukish, Andrew Elken and Michael Vardanian. Simpson Thacher & Bartlett LLP is acting as legal counsel to Leonard Green.

CEO: Going Private to Accelerate Growth

For CEO John Lai, the deal is more than a financial maneuver — it’s a strategic pivot.

“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,” Lai said in a statement. “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.”

The transaction, expected to close in the first half of 2026 pending regulatory approvals, will result in Mister Car Wash’s common stock no longer being listed on the Nasdaq. Once finalized, the company will operate as a privately held entity fully owned by Leonard Green investment funds.

For a company that has long scrubbed, rinsed and shined under public scrutiny, the shift to private ownership could mark the start of a new chapter — one designed to polish its growth ambitions away from the relentless tick of the trading clock.