Harris Williams, a member of PNC Financial Services Group and middle market investment bank, announced the sale of Mister Car Wash, a portfolio company of ONCAP, to Leonard Green & Partners. Harris Williams announced the sale of Mister Car Wash, a portfolio company of ONCAP, to Leonard Green & Partners.
Harris Williams acted as lead financial advisor to Mister Car Wash.
The transaction, which closed August 21, 2014, was led by Joe Conner, Jason Bass, Jershon Jones, and Jeff Kidd of Harris Williams’s Transportation & Logistics Group, and Chris Williams from the firm’s Richmond office.
“Mister Car Wash has established itself as the premier operator in the car wash and lube center industry. Leonard Green’s longstanding experience with world-class multi-site operators will aid in the company’s continued expansion,” said Joe Conner, managing director in Harris Williams’s T&L Group. “Harris Williams & Co. is proud to have partnered with Mister Car Wash as the company enters the next phase of growth and we believe they have found a great partner.”
“The car wash sector is highly fragmented with 95% of operators owning five locations or less. Mister Car Wash’s track record and strategy have driven both scale and best-in-class operations,” added Jershon Jones, VP in Harris Williams’s T&L Group. “Mister Car Wash is poised to build on its outstanding track record and lead the industry for the foreseeable future.”
Mister Car Wash operates 134 car washes and 32 lube centers in 14 states across the country.
ONCAP, the middle market private equity platform of Onex, invests in and builds shareholder value in North American small and mid-size companies.
Leonard Green is a private equity firms with more than $15 billion of private equity capital raised since inception.