Transaction overview
Mister Car Wash, Inc., a publicly traded company based in the United States, acquired Clean Streak Ventures LLC for $390 million on December 21, 2021. The deal expands Mister's footprint in Florida and increases customer access to its car wash services. MKH Capital Partners, which had owned Clean Streak since November 2019, sold the company. Clean Streak operates 23 operating locations and has an additional 10 development sites under construction.
Deal structure and financing
Details on the deal's equity and debt split are not available in the public domain. BlackArch Partners served as the sell-side financial advisor for MKH Capital Partners and management of Clean Streak Ventures, though no information is provided regarding lead banks or leverage metrics. As a result of this acquisition, Mister Car Wash gains control over 100% of Clean Streak's equity without disclosing any lock-up terms or IPO optionality.
Strategic context
This transaction represents an expansion strategy for Mister Car Wash, aiming to enhance its presence in Florida by acquiring Clean Streak Ventures and integrating it into their existing network. The rationale behind the acquisition includes leveraging Clean Streak’s expertise in operating premium car wash locations and expanding customer access across Florida. Meanwhile, MKH Capital Partners sought to realize substantial gains from its investment in Clean Streak after a period of rapid growth under its ownership. With Clean Streak's expansion from 3 to 33 locations during MKH's tenure, the sale reflects a successful exit for the private equity firm.
Regulatory path
No specific regulatory information is available regarding antitrust review or filings made by Mister Car Wash and Clean Streak Ventures concerning this acquisition. Given the deal size and its impact on the car wash market in Florida, it would likely have involved scrutiny from U.S. federal regulators such as the Federal Trade Commission (FTC) or Department of Justice (DOJ). However, neither party has disclosed any required remedies or timelines associated with regulatory approvals for this transaction.