Penfund, an independent provider of junior capital to North American middle market companies, provided a new $225 million second lien credit facility to Mister Car Wash.
The proceeds of this facility, together with the proceeds of a new $800 million first lien term loan, have been used to refinance MCW’s existing debt and to pay a distribution to shareholders. Senior lenders also provided a new $75 million revolving credit facility and US$40 million delayed draw term loan.
“Penfund is excited to support Leonard Green and its investment in Mister Car Wash as both teams work to continue their exceptional track records,” said Jeremy Thompson, a partner at Penfund. “
The car wash industry remains highly fragmented leaving significant white space for MCW to continue executing its growth strategy while simultaneously creating value for customers through network enhancements like the Unlimited Wash Club program.”
Headquartered in Tucson, AZ, MCW operates 300 car washes and 32 oil change expresses across 21 states,
