Mister Car Wash Inc., which has been owned by Sawtelle-based private equity firm Leonard Green & Partners since 2014, has filed plans with the Securities and Exchange Commission to become a publicly traded company.
Mister Car Wash, based in Tuscon, Arizona, is the largest car wash chain in the United States with 344 locations in 21 states. The company said it generated $ 595 million in revenue for the fiscal year ended March 31.
Mister Car Wash has indicated that he plans to raise $ 100 million in the initial public offering, but this is widely seen as a placeholder until the company determines how many shares will be offered to the public. .
In 2020, Mister Car Wash reported a profit of $ 60.4 million on revenues of $ 574.9 million compared to a profit of $ 920,000 on revenues of $ 629.5 million in 2019.
For the first quarter, Mister Car Wash reported $ 24.6 million profit on revenue of $ 175.5 million, compared with $ 8.9 million profit on revenue of $ 155.3 million during the same period a year ago.
The company said it has applied to be listed on the New York Stock Exchange under the symbol MCW.
In the prospectus filed with the SEC, Mister Car Wash said he had been affected by the Covid-19 pandemic, which caused the company to temporarily suspend operations at more than 300 locations in the first half of 2020.
“Our business rebounded significantly in the fourth quarter of 2020 and continued this momentum in 2021,” the company said in the prospectus.
Leonard Green owns a majority stake in the car wash chain and has held four of the five board seats since the acquisition of Mister Car Wash in 2014.
The four directors of Leonard Green are Managing Director John Danhakl, Principal Partners Jonathan Seiffer and J. Kristofer Galashan and Principal Jeffrey Suer.
Other selling shareholders include Penfund Capital, a Connecticut-based investment firm that raised $ 225 million in credit for Mister Car Wash in May 2019, and Sawtelle-based Crescent Capital Group LP, an investment firm with $ 30 billion in assets under management.
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