Authored By Brittany Webb - Sr. Financial Analyst at CWA
If this name doesn’t ring a bell, it will quite soon as ‘Mister Car Wash’ has now rung a more considerably significant bell- that being the NYSE while making their public debut.
On Monday June 28, 2021, Mister Car Wash (NYSE: MCW) launched publicly at $18.90 per share despite the original initial public offering starting at $15.00 per share. Subsequently, prices have continuously climbed as high as $21.98 now valuating the company at $5.6B – talk about growth.
Mister Car Wash has proven to be the largest and still growing car wash company in the United States. In addition to their 342+ locations, their team comprises of more than 5,000 working members across the nation. Although they do offer costly amenities, their most lucrative service happens to be the conventional “express” wash seeing that their loyal customers appreciate the simplicity and convenience of a satisfactory wash in under 5 minutes.
The differentiator – MCW focuses on the core fundamentals, that being hospitality. Amid the 52 years under their belt, MCW continues to modify their business model in order to evolve and meet definitive profitability.
Within the first day of public debut, MCW raised $468M as a result of offering 37.5M shares of stock ultimately stemming from both the company and current shareholders.
One recognizable and key shareholder coupled with the now public establishment includes Leonard Green & Partners, owning roughly 79% of common stock.
With a goal of $600M, MCW will be working towards reinvesting in their infrastructure, paying their debt, and creating a “rock – solid” balance sheet in hopes of preparing for an upward trajectory (FOX Business).
CEO John Lai expresses “this is just the beginning” for Mister Car Wah as the industry and furthermore the incredible competitive world of business looks in admiration of what might be next for this driven company.
For those looking for more information on the historical and more recent mergers and acquisitions in the car wash industry we suggest taking a look at our 2020 CarWash M&A Report. For readers looking to take an even deeper and more historical dive we recommend checking out our piece on ICWG - A Tale of Private Equity in the Carwash Industry for an in-depth look at ICWG <(now and currently part of Driven Brands) for an in-depth look on their journey and the roll institutional investors and money sources played in their history, growth, and becoming the carwash behemoth they are today.