Mister Car Wash Inc. (MCW) announced on Wednesday that it has agreed to be taken private in an all-cash deal led by investment funds managed by Leonard Green & Partners, L.P., the private equity firm that already controls a majority stake in the company.
The transaction values the car wash operator at an enterprise value of roughly $3.1 billion.
Under the definitive merger agreement, Leonard Green will acquire the remaining shares it does not already own for $7.00 per share in cash, representing a 29% premium to the stock’s 90-day volume-weighted average price through February 17.
Following the announcement, Mister Car Wash stock traded over 15% higher in Wednesday’s premarket.
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