TUCSON, Ariz. — Mister Car Wash announced that it has entered into a definitive agreement to acquire Clean Streak Ventures LLC, a portfolio company of MKH Capital Partners, according to a press release.
The acquisition of Clean Streak includes 23 operating locations, 10 development locations and the underlying real estate at all 33 locations.
The development locations are in various stages of the permitting and construction cycle and are expected to open within the next year under the Mister Car Wash brand.
In addition, the company plans to rebrand and integrate the 23 existing operating locations that are currently doing business under the tradenames Top Dog Express and Clean Machine Car Wash into the Mister Car Wash brand.
The acquisition will expand the company’s footprint in Florida and provide even more options for customers to access Mister’s services throughout the state.
The addition of these locations will bring the company’s total operating stores in Florida to 65, with new market entry into five metro service areas, including Cape Coral, Ft. Myers and Miami, Florida.
The expansion is also expected to enable the company to leverage efficiencies across its existing regional infrastructure.
“As a company, we’ve been hyper-focused on building our network of stores through strategic acquisitions and greenfield locations that build on our promise to provide a convenient, efficient and professional experience,” said John Lai, president and CEO of Mister Car Wash. “This acquisition increases our presence across Florida, bolstering our market position in the state while giving our customers and members additional convenient locations to wash with us. We are excited to welcome these new team members into the Mister Car Wash family and look forward to seeing them grow within our organization.”
“It was very important for the Clean Streak family of brands to find an organization that could help us achieve accelerated growth and create opportunities for our team members,” said Greg Ries, president of Clean Streak Ventures. “We are grateful for the support of MKH and each of our team members in helping to achieve our vision and are excited for the future with Mister Car Wash.”
Mister Car Wash expects to acquire Clean Streak Ventures LLC for approximately $390 million in a transaction funded through cash on hand and incremental debt.
The company expects the acquisition will be accretive to its earnings per share in 2022.
The acquisition is expected to close before the end of 2021, subject to customary closing conditions.