Private equity firm Leonard Green & Partners LP has agreed to purchase all outstanding Mister Car Wash Inc. shares not owned by Leonard Green affiliates at a $3.1 billion enterprise value, the car wash brand announced Wednesday.

Latham & Watkins LLP is advising Mister Car Wash, with a corporate deal team led by partners Paul Kukish, Andrew Elken, and Michael Vardanian.

Simpson Thacher & Bartlett LLP is acting as legal counsel to Leonard Green.

The transaction has been unanimously approved and recommended by a special committee of Mister Car Wash's board, with Morris Nichols Arsht & Tunnell LLP advising the committee, the announcement said.

Leonard Green will pay $7 per share in cash for the Tucson, Arizona-based car wash brand, the announcement said.

The private equity firm has been a strategic partner to the company since its initial investment in 2014, and is currently the beneficial owner of approximately 67% of the company's outstanding shares of common stock, the announcement noted.

The Mister Car Wash board unanimously approved the transaction based on recommendations from the special committee, the company said.

"Taking our company private will help us accelerate our growth by investing more boldly in our stores, our people, and our technologies to capture the multiple opportunities ahead," John Lai, the company's CEO, said in a statement. "Most importantly, it brings us closer to fulfilling our vision of tripling our footprint while staying true to the values and mission that got us here."

The purchase price represents a premium of 29% to the volume-weighted average price of the shares during the 90 days prior to and including Feb. 17, the company said.

On Wednesday, the stock had jumped more than 16%, trading at $7 per share.

Upon completion, Mister Car Wash's common stock will no longer be listed on the Nasdaq, and Mister Car Wash will become a privately held company owned by Leonard Green investment funds.

The transaction is expected to close in the first half of 2026, subject to regulatory approvals.