Mister Car Wash, a portfolio company of Leonard Green, has closed $15.1 million in financing from Penfund. Based in Tucson, Arizona, MCW is a car wash chain.
TORONTO, ONTARIO–(Marketwired – Oct. 2, 2014) – Penfund, an independent provider of junior capital to middle market companies located in the United States and Canada, announced today the completion of a US$15.1 million debt and equity investment in Mister Car Wash (“MCW”) on August 21, 2014. MCW is a recently-acquired portfolio company of Leonard Green & Partners (“Leonard Green”).
Headquartered in Tucson, Arizona, MCW is the largest car wash chain in the United States. The company operates 134 car washes across 14 states and has a reputation for providing high quality service at an affordable price.
Jeremy Thompson, a partner at Penfund, stated “We are very happy to have been able to support Leonard Green in their acquisition of Mister Car Wash. We believe the acquisition will enable Mister Car Wash to continue its strong growth and maintain its industry leadership.”
According to John Lai, CEO of MCW, “Mister Car Wash has built one of the most sophisticated operating platforms in the car wash industry and now, with the strength of Leonard Green’s backing, we’re perfectly positioned to grow at an even faster clip.”
“As a result of our incredible growth trajectory,” Lai added, “Mister Car Wash is creating an amazing number of new career opportunities for our people. As a people business, this is a compelling competitive advantage.”
About Mister Car Wash
Mister Car Wash (www.mistercarwash.com) is the largest car wash company in the United States, operating 134 car washes and 32 express lubes in 14 states. The company is headquartered in Tucson, Arizona and has nearly 4,800 employees, servicing over 15 million vehicles annually.
About Leonard Green & Partners LP
Leonard Green (www.leonardgreen.com) is one of the nation’s preeminent private equity firms with over $15 billion of private equity capital raised since inception. Founded in 1989, the firm has invested in 67 companies with aggregate value of over $60 billion in the form of traditional buyouts, going-private transactions, recapitalizations, growth capital investments, corporate carve-outs and selective public equity and debt positions. Based in Los Angeles, CA, Leonard Green invests in established companies that are leaders in their markets.
Penfund is a leading North American private equity firm specializing in providing junior capital to middle market companies throughout North America. Penfund provides second lien, high yield and mezzanine debt, control and minority equity, as well as bridge facilities, standby lines, underwritten facilities and financial guarantees. The firm is owned by its management team and is currently investing its most recently established fund, Penfund Capital Fund IV which has $460 million of committed capital. Penfund manages institutional funds sourced from North American pension funds, insurance companies, family offices and banks and has invested more than $2.5 billion in over 220 companies since its establishment in 1979.