Mister Car Wash has officially completed its $3.1 billion acquisition by Leonard Green & Partners, marking the end of its public trading on the Nasdaq. The Tucson, Arizona-based car wash chain confirmed that its common stock has ceased trading and that the delisting process is underway, with a Nasdaq Form 25 filed on May 19 initiating the removal from the exchange.
Under the terms of the buyout, Leonard Green paid $7.00 in cash for each share of Mister Car Wash it did not already own. The company’s management retained a portion of their equity, ensuring continuity in leadership. The stock last traded on May 18 at $7.10, with approximately 29.5 million shares changing hands on that final day.
The transaction represents a 29% premium over the 90-day volume-weighted average price through February 17, when the merger was first announced. At that time, Leonard Green already held about 67% of the company’s common stock. The deal adds a $900 million senior secured first-lien incremental term loan facility to help fund the acquisition and related expenses.
Mister Car Wash reported solid first-quarter results ahead of the closing. Net revenue rose 6% to $277.9 million, while comparable-store sales increased by 3.9%. The company’s Unlimited Wash Club memberships grew 11% to approximately 2.5 million, underscoring the strength of its subscription model. Adjusted EBITDA climbed 13% to $96.7 million, after adjusting for interest, taxes, depreciation, amortization, and other items. Management characterized the operating environment as supportive during the quarter.
Chairman and CEO John Lai emphasized that the move to private ownership will grant the company “greater flexibility” to invest in customer experience and “accelerate our growth” through expanded store count, staffing, and technology. Mister Car Wash operates roughly 550 locations and claims the largest car-wash subscription network in North America.
The car wash industry faces headwinds, however. In 2025, competitor Zips Car Wash filed for bankruptcy protection, citing higher interest rates, rising labor costs, and increased competition. The U.S. car wash market added about 900 new sites annually over the past five years, intensifying rivalry. Similarly, Driven Brands sold its U.S. car wash business to Whistle Express Car Wash in 2025 for $255 million in cash and a $130 million seller note, using the proceeds to pay down debt and refocus on its Take 5 Oil Change and franchise segments.
With the delisting, Mister Car Wash will deregister its common stock and cease filing periodic reports with the SEC, reducing public visibility. The company’s leverage from the $900 million term loan will be managed away from the scrutiny of public markets. For investors, the cash payout was the final chapter, but the private owner now faces the challenge of extracting value from scale, subscriptions, and new locations without the pressures of quarterly earnings calls.
