Mister Car Wash Inc. (NASDAQ: MCW) completed its acquisition by investment funds managed by Leonard Green & Partners in an all-cash transaction with a total enterprise value of $3.1 billion, the company announced.

Leonard Green acquired all outstanding shares not already owned by its affiliates for $7.00 per share in cash. Members of management rolled over some of their ownership in the transaction. The company's common stock ceased trading and will be delisted from Nasdaq.

"Going private gives us greater flexibility to continue investing behind providing a superior customer experience," said John Lai, Chairman and CEO of Mister Car Wash. "They have been a great partner since 2014 and understand the business and industry deeply."

The Tucson, Arizona-based company operates approximately 550 locations and claims the largest car wash subscription program in North America. Leonard Green, founded in 1989 and based in Los Angeles, manages over $85 billion in assets and focuses on services including consumer, healthcare, and business services.

BofA Securities and Centerview Partners served as financial advisors to the Special Committee of Mister Car Wash's Board of Directors, with Morris, Nichols, Arsht & Tunnell providing legal counsel. Latham & Watkins acted as legal counsel to Mister Car Wash, while Jefferies served as financial advisor and Simpson Thacher & Bartlett provided legal counsel to Leonard Green.

The transaction information is based on a company press release statement.