Law Firm Probes Mister Car Wash Take-Private Deal

The investigation into the Mister Car Wash take-private deal follows a $3.1 billion agreement for Leonard Green & Partners (LGP) to acquire all outstanding shares it doesn't already own. LGP, which currently holds a 67% stake in the company, has been a long-term investor since its initial investment in 2014. The offer is for $7.00 per share in cash, a price that has drawn scrutiny. Law firms are investigating potential breaches of fiduciary duties and conflicts of interest, questioning whether the buyout price is unfairly low for public shareholders, given LGP's controlling influence over the company's board. Mister Car Wash went public in 2021 with a valuation that exceeded $6 billion after its first day of trading. However, despite continued revenue growth that topped $1 billion in 2025, the company's stock price had fallen by nearly 70% from its peak in July 2021. The take-private announcement led to a surge in Mister Car Wash's stock, with shares climbing to match the $7.00 offer price. The deal was unanimously approved by a special committee of independent directors from the Mister Car Wash board. CEO John Lai has stated that going private will allow Mister Car Wash to "invest more boldly" in its stores, staff, and technology. The company's goal is to eventually triple its footprint. For the full year of 2025, Mister Car Wash reported a net income of $103.1 million and an 8% increase in adjusted EBITDA from the previous year. The company's Unlimited Wash Club subscription program grew to approximately 2.3 million members, accounting for 79% of total wash sales. The transaction is anticipated to be finalized in the first half of 2026, pending regulatory approvals. Following the completion of the deal, Mister Car Wash will be delisted from the stock exchange.