Arizona car wash brand Mister Car Wash is entering the Southwest Florida market as part of a $390 million acquisition.
Tucson-based Mister Car Wash, a publicly traded company that posted $729 million in revenue over the past 12 months, has acquired Orlando-based Clean Streak Ventures LLC, according to a statement. The deal, funded through cash on hand and incremental debt, the release adds, covers Clean Streak’s 23 operating locations, 10 development locations and the underlying real estate at all 33 locations. Clean Streak is a portfolio company of Miami-based private equity firm MKH Capital Partners.
While Mister Car wash previously had presence in the Sunshine State, the purchase is an entry into five Florida MSAs, company officials say, including Cape Coral-Fort Myers and Miami. The development locations are in various stages of the permitting and construction cycle, and are expected to open within the next year under the Mister Car Wash brand. In addition, the “company plans to rebrand and integrate the 23 existing operating locations that are currently doing business under the names Top Dog Express and Clean Machine Car Wash into the Mister Car Wash brand,” the release states.
All told, after rebranding, Mister Car Wash will have 65 Florida locations.
“As a company we’ve been hyper-focused on building our network of stores through strategic acquisitions and greenfield locations that build on our promise to provide a convenient, efficient and professional experience,” Mister Car Wash President and CEO John Lai says in the release. “This acquisition increases our presence across Florida, bolstering our market position in the state while giving our customers and members additional convenient locations to wash with us. We are excited to welcome these new team members into the Mister Car Wash family and look forward to seeing them grow within our organization.”
The acquisition is expected to close before the end of 2021, subject to customary closing conditions.
“It was very important for the Clean Streak family of brands to find an organization that could help us achieve accelerated growth and create opportunities for our team members,” Clean Streak Ventures President Greg Ries says in the release. “We are grateful for the support of MKH and each of our team members in helping to achieve our vision and are excited for the future with Mister Car Wash.”
Mister Car Wash (NYSE: MCW) operates over 360 car washes nationwide and has the largest car wash subscription program in North America.