M&A · Industrials · Services-Automotive Repair, Services & Parking
Leonard Green & Partners to acquire Mister Car Wash, Inc.
Announced Feb 18, 2026 · Closed May 19, 2026
Deal value$3.10BEV $3.10B
Premium16.5%To unaffected price
EV / Adj. EBITDA10.2x3.0x EV / Revenue
ConsiderationAll cash$7.00 per share
Transaction
- Acquirer
- Leonard Green & Partners
- Target
- Mister Car Wash, Inc. (MCW)
- Buyer type
- Private equity
- Offer price per share
- $7.00
- Enterprise value
- $3.10B
- Status
- Closed May 19, 2026
Deal protections
- Break fee (target pays)
- $31.3M · 1.0%
- Reverse fee (buyer pays)
- $51.8M · 1.7%
- Go-shop
- No-shop
- Financing
- Committed · Jefferies, BMO Capital Markets, Truist Securities, BofA Securities
Advisors
- To the acquirer
- Not disclosed
- To the target
- BofA Securities, Centerview
- Centerview fee
- $6.5M
- BofA Securities fee
- $12.5M
Sector context · Industrials
- Comparable deals
- 94 in the prior 24 months
- Premium
- 16.5% vs. 36.5% sector median
- EV / Adj. EBITDA
- 10.2x vs. 10.7x sector median
- Break fee
- 1.0% vs. 2.5% sector median
Timeline
- AnnouncedFeb 18, 2026
- Proxy filedApr 3, 2026
- Definitive proxyApr 24, 2026
- Shareholder vote—
- ClosedMay 19, 2026
Valuation · fairness opinions
Trading comparablesCenterview$5.20$7.30
Discounted cash flowCenterview$6.40$9.25
Analyst price targetsCenterview$5.25$11.00
Trading comparablesCenterview$4.70$6.85
Discounted cash flowCenterview$6.00$8.80
Trading comparablesBofA Securities$4.70$6.85
Trading comparablesBofA Securities$5.90$8.45
Discounted cash flowBofA Securities$6.10$8.75
Trading comparablesBofA Securities$4.75$6.95
Precedent transactionsBofA Securities$5.90$8.50
Offer $7.00
Implied value per Mister Car Wash, Inc. share by analysis, from Centerview and BofA Securities · DCF discount rate 10%–12%.