At the time of ONCAP's investment, Mister Car Wash was a leading car wash operator with 65 car washes and 24 lube centers in Texas, Minnesota, Florida, Washington, Iowa, Idaho and Alabama. In addition to car washes and lube services, many of the company’s full-service units offered gasoline sales, windshield repair services and a selection of automotive-related merchandise.
ONCAP worked closely with management on the following initiatives:
- Capitalized on the highly fragmented car wash market by acquiring additional car washes and lube centers in both new and existing markets; and
- Identified new regional target markets to expand the franchise and improve operating efficiencies.
ONCAP helped to transform Mister Car Wash from a small regional operator with geographic concentration in Houston into a market leader with over 180 locations operating in 14 states and generating more than $40 million of EBITDA. The business was sold in August 2014. ONCAP achieved a 7.6x gross multiple of capital invested and a 34.6% gross IRR over the seven-year investment period.