New York, May 21, 2026, 10:05 EDT
- Mister Car Wash trading is halted. Leonard Green & Partners closed its take-private deal.
- Public shareholders will get $7.00 per share in cash. MCW was last trading near $7.10 before being halted, market data show.
- The company dropped out of the S&P SmallCap 600. F&G Annuities & Life moved in before trading opened on May 19.
Leonard Green & Partners has closed its cash buyout of Mister Car Wash, ending the company’s time as a public listing. The deal values Mister Car Wash at $3.1 billion, with both equity and debt. The company said its stock stopped trading and will exit Nasdaq.
MCW is no longer quoted, leaving traders to process the merger cash payout. Nearly every share converted to a $7.00 cash claim when the deal closed, a Securities and Exchange Commission filing shows.
Index funds tracking the S&P SmallCap 600 had to move fast. S&P Dow Jones Indices said F&G Annuities & Life is going into the index before Tuesday, May 19’s open, replacing Mister Car Wash. The change ties back to the Leonard Green deal.
Nasdaq kept its regular hours Thursday. Cash equities traded from 9:30 a.m. to 4 p.m. Eastern. MCW shares stayed halted after the after-market on May 18. The company asked Nasdaq to stop trading and begin delisting.
Mister Car Wash is at $7.10, barely higher by a cent. Last trade was on May 19, and about 29.5 million shares changed hands. That’s in line with the deal price. Now that the stock is leaving the market, the price quote isn’t very useful.
Chairman and CEO John Lai said the move gives the company “greater flexibility” to invest in customer experience. Lai also said Leonard Green, a partner since 2014, “understand[s] the business and industry deeply.” SEC
Mister Car Wash holders had been expecting this deal. In February, the company said Leonard Green, already owning about 67% of its shares, would buy the rest at $7.00 per share. Back then, management put that at a 29% premium to the 90-day volume-weighted average price through Feb. 17—a trading metric that blends price and volume over time.
Mister Car Wash shares climbed ahead of the bell. The company put out first-quarter results on April 29. Revenue was up 6% to $277.9 million. Comparable-store sales gained 3.9%. Unlimited Wash Club signups reached nearly 2.5 million. Comparable-store sales count shops open long enough for a year-over-year look.
Mister Car Wash operated 549 sites across 21 states as of March 31, according to its quarterly SEC filing. The company said it had roughly 550 locations when it said it would close, and described its subscription program as the largest in North America.
Comparable names have thinned out. Driven Brands, the auto-services company, remains public and was last at $12.68, off 2.4%. Market cap is about $2.09 billion. Driven has shifted focus after selling its international car-wash division. Reporting now centers on Take 5, Franchise Brands, and Auto Glass Now.
Mister Car Wash Holdings isn’t getting rid of operating risk with this deal, just moving it out of public sight. According to an SEC filing, the company revised its credit agreement tied to a $900 million senior secured first-lien incremental term loan. That debt is backed by collateral and ranks ahead of most other claims. If leverage climbs, consumer spending falls, or memberships weaken, the private company could still feel pressure after public shareholders are out.
MCW is now in mop-up mode. What’s still pending: payment, delisting, and possible appraisal plays if some holders opposed the merger and go to court for a Delaware valuation.
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