Mister Car Wash, the largest car wash business in the United States, was sold to a Los Angeles-based private equity firm for an undisclosed price, though a previous sale quote suggests the company was valued around $380 million.
The Arizona Daily Star reported the sale on Tuesday, quoting Mister Car Wash President and CEO John Lai as suggesting the deal was a profitable one, allowing the company to strengthen “its leadership position through additional investments in people, stores and technologies.” Lai will keep his job as head of the company.
According to the Daily Star:
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 (Tucson, Arizona) Foothills to a 1950s-era building near downtown, the former First Baptist Church education building at 222 E. Fifth St.
Mister Car Wash was founded in 1969 in Houston and grew into the nation’s largest car wash chain. Recently, Mister Car Wash was awarded an economic stimulus grant to create more jobs and move its Tucson headquarters.
For more details about the massive sale, click here.