TORONTO, Ontario — ONCAP II has completed the sale of Car Wash Partners, Inc. (Mister Car Wash) to Leonard Green & Partners after seven years of ownership, according to a press release.
ONCAP II acquired Mister Car Wash in April 2007 and grew the business from 39 locations to more than 130, said the release. Its original investment in the Mister Car Wash brand was $52 million, and it received net proceeds of $423 million, said the release.
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Mister Car Wash is the largest independent full-service carwash chain in the U.S., noted the release.
“This is a great outcome for everyone involved,” said Michael Lay, managing partner of ONCAP, in the release. “The management team has done a terrific job building the leading platform in the car wash space and we are confident they will continue their strong growth trajectory going forward.”
Click here to read the entire press release.