Leonard Green & Partners Acquires Mister Car Wash for $3.1 Billion

TUCSON, Ariz., Feb. 18, 2026 (GLOBE NEWSWIRE) — Mister Car Wash, Inc. (Nasdaq: MCW), the nation’s leading car wash brand, has announced a definitive merger agreement with investment funds managed by Leonard Green & Partners, L.P. (LGP). The all-cash transaction is valued at $3.1 billion, with LGP purchasing all outstanding shares of the company’s common stock not already owned by its affiliates for $7.00 per share. This price represents a significant premium of 29% over the volume-weighted average price of Mister Car Wash shares during the 90 days leading up to February 17, 2026.

The transaction has received unanimous approval from a Special Committee of the Mister Car Wash Board of Directors, which consists entirely of independent directors. The committee was advised by its own financial and legal advisors. Following this recommendation, the full Board of Directors also approved the transaction, ensuring that all directors affiliated with LGP recused themselves from the decision-making process.

Upon completion of the merger, Mister Car Wash’s common stock will be delisted from Nasdaq, transitioning the company to private ownership under LGP. The deal is expected to close in the first half of 2026, pending regulatory approvals and the satisfaction of customary closing conditions.

John Lai, CEO of Mister Car Wash, expressed optimism about the acquisition, stating, “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. 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.”

Mister Car Wash, founded in 2014, operates approximately 550 locations and boasts the largest car wash subscription program in North America. The company is committed to delivering exceptional customer experiences through advanced technology and a dedicated team.

Leonard Green & Partners, established in 1989 and based in Los Angeles, is a prominent private equity investment firm with over $75 billion in assets under management. The firm focuses on partnering with experienced management teams to invest in market-leading companies across various sectors, including consumer services and healthcare.

The acquisition is anticipated to solidify Mister Car Wash’s position as the leading car wash brand in the U.S., with potential for geographic expansion and enhanced service offerings. The integration process will focus on aligning operational systems and retaining key talent during the transition.

As the merger progresses, stakeholders will be closely monitoring the regulatory landscape and any potential market reactions. The company has also announced the cancellation of its previously scheduled earnings call in light of the merger announcement.