Tucson-based Mister Car Wash, one of the nation’s biggest and fastest-growing car-wash chains, has been acquired by a Los Angeles-based private equity firm, the company said Monday.
ONCAP, an investment fund of Toronto-based Onex Corp., sold the car-wash chain to Leonard Green & Partners LP last Thursday for an undisclosed price.
In a recent earnings release, Onex said ONCAP planned to sell Mister Car Wash to an unnamed buyer in a deal that would net its private-equity investor owners about $380 million, including about $150 million to Onex.
The company didn’t identify the buyer at the time and officials had declined comment last week.
But an investment fund of Leonard Green & Partners was cited as the buyer in a filing with the Federal Trade Commission.
The deal will help Mister Car Wash “capitalize on an accelerated acquisition strategy while strengthening its leadership position through additional investments in people, stores and technologies,” said Mister Car Wash’s president and CEO, John Lai, who will continue as the company’s top executive.
Since ONCAP acquired the company in 2007, Mister Car Wash has grown 232 percent, adding 99 car washes and 25 lube shops, the company said. The company now operates 134 car washes and 32 lube centers in 14 states.
Mister Car Wash recently moved its corporate headquarters from the Foothills to a 1950s-era building near downtown, the former First Baptist Church education building at 222 E. Fifth St.