Leonard Green has closed its take-private deal for Mister Car Wash, paying $7 per share in a transaction valued at $3.1 billion on an enterprise basis. The buyout pulls the car wash chain out of public markets and places it under the control of the healthcare-focused private equity firm.

The deal marks an unusual move for Leonard Green, which typically targets healthcare businesses. Mister Car Wash operates a network of locations serving consumers with essential services. The $3.1 billion price tag reflects strong demand for recurring-revenue business models in consumer-facing sectors.

For public shareholders, the $7-per-share offer ends their stake at roughly the stock's recent trading level. Leonard Green now owns the entire operation outright and can pursue expansion without quarterly earnings scrutiny.