Mister Car Wash to Leonard Green Partners

General Retail/Feb 2026/BofA, Centerview

Deal Information

Target

Mister Car Wash

Acquiror

Leonard Green Partners

Sector

General Retail

Target Type

Public

Acquiror Type

Financial

Advisors

BofA, Centerview

Enterprise Value

$3.1B

EV / LTM Sales

3.0x

EV / LTM EBITDA

9.1x

EV / Fwd EBITDA

Comparable transactions cited by the advisor, excluding the subject transaction.

EV / LTM Adjusted EBITDA selected range: 8.0x - 10.5x

7 comps


	Dec 2005	Murray's Inc.	CSK Auto Corporation	$170M	-	8.5x	-
	Apr 2008	Assets of G.C. & K.B. Investments, Inc. and its affiliates that franchise and sub-franchise SpeeDee stores.	Midas, Inc.	$21M	-	10.4x	-
	Apr 2008	CSK Auto Corporation	O'Reilly Automotive, Inc.	$1.0B	-	8.8x	-
-	Feb 2012	The Pep Boys – Manny, Moe & Jack	The Gores Group, LLC	$1.0B	-	6.1x	-
	Mar 2012	Midas Inc.	TBC Corporation	$310M	-	9.7x	-
	Feb 2025	Breeze Autocare business owned by Greenbriar Equity Group, L.P.	Valvoline Inc.	$625M	-	10.7x	-
	Feb 2025	Driven Brands Holdings Inc.'s U.S. car wash business segment.	Express Wash Operations, LLC d/b/a Whistle Express Wash	$385M	-	5.0x	-
		Mean			-	8.5x	-
		Median			-	8.8x	-

Discount rate and terminal value assumptions the advisor selected for its discounted cash flow analysis.

WACC: 10.0% – 12.0%
Terminal method: Exit multiple
Terminal assumption: 7.5x – 9.5x (LTM EBITDA as of December 31, 2030)
Forecast basis: January 2026 Stand Alone Projections and other Internal Data
Forecast period: January 1, 2026 through December 31, 2030

Advisor	WACC	Terminal method	Terminal assumption	Forecast basis	Forecast period	Filing
BofA	10.0% – 11.5%	Exit multiple	7.0x – 9.0x (FY2030E Adjusted EBITDA)	January 2026 Stand Alone Projections	fiscal years 2026 through 2030	Open
Centerview	10.0% – 12.0%	Exit multiple	7.5x – 9.5x (LTM EBITDA as of December 31, 2030)	January 2026 Stand Alone Projections and other Internal Data	January 1, 2026 through December 31, 2030	Open