The bulk of Mister Car Wash is owned by funds affiliated with Los Angeles-based private equity firm Leonard Green & Partners, which acquired the company from a subsidiary of Onex Corp. based in Toronto and will own 79% of the public shares of the company. and monitor the board of directors of the company following the offer, the company said in its registration statement.
Tucsonan John Lai, CEO of Mister, which owns 5.4% of the company’s shares, plans to sell 1.3% of the shares as part of the IPO.
Mister Car Wash posted net income of $ 59.3 million on revenues of $ 574.9 million in 2020, compared to net income of $ 920,000 on revenues of $ 629.5 million in 2019. 2020 results included a gain of $ 38 million on the sale of assets, after the sale of the company. a series of rapid lubrication centers to focus on its car washing business.
The first Mister Car Wash opened in Houston, Texas in 1969. In 1996, Car Wash Partners was formed by investment firm Brown, McMillan & Co. to start a car wash business in the United States. nationwide through acquisitions. The ONCAP Onex fund acquired the company in 2007.
By 1999, the company had established administrative offices in the Foothills, and in 2014, Mister Car Wash moved its headquarters to a renovated 1950s church near downtown at 222 E. Fifth St.
In 2017, Mister Car Wash acquired a second building for corporate operations at 415 N. Sixth Ave.