Mister Car Wash has agreed to a $7 per share all-cash take-private deal led by Leonard Green & Partners, ending its public market journey. The transaction values the car wash operator at approximately $3.1 billion, including $770 million in net debt. Guggenheim and Mizuho downgraded the stock to Neutral following the announcement, removing their price targets.

The $7 offer represents about 9x last twelve months EBITDA of $345 million and sits below Guggenheim's prior $8 price target. Guggenheim noted that public markets never fully embraced Mister Car Wash's conveyorized car wash model since its $15 IPO in 2021. The firm said privatization makes strategic sense given persistent share price weakness and limited investor interest due to a modest public float.

Mizuho also downgraded shares to Neutral with a $7 price target, reflecting the deal price. The firm sees low likelihood of a competing bid. Both analysts said the take-private structure provides flexibility for Mister Car Wash to invest in new locations, technology, and potential acquisitions without quarterly earnings scrutiny. The transaction, approved by independent board members, is expected to close in the first half of 2026.