Mister Car Wash, Inc.

General Information

Mister Car Wash is the largest national car wash brand, offering express exterior and interior cleaning services to customers across 344 car wash locations in 21 states, as of March 31, 2021. Founded in 1996, we employ an efficient, repeatable and scalable process, which we call the “Mister Experience,” to deliver a clean, dry and shiny car every time. The core pillars of the “Mister Experience” are providing elevated hospitality to our guests, delivering the highest quality car wash and ensuring the experience is quick and convenient. We offer a monthly subscription program, which we call Unlimited Wash Club (“UWC”), as a flexible, quick and convenient option for customers to keep their cars clean. As of March 31, 2021, we had 1.4 million UWC Members, and, in 2020 and the first quarter of 2021, UWC sales represented 62% and 62% of our total wash sales and 68% and 70% of our total wash volume, respectively. Our scale and 25 years of innovation allow us to drive operating efficiencies and invest in training, infrastructure and technology that improve speed of service, quality and sustainability and realize strong financial performance.

UWC is our all-you-can-wash subscription program for a flat monthly fee. We employ a “member-centric” business model that is focused on providing easy, convenient and fast car washes. Over the last several years, we have added dedicated member-only lanes and adopted radio-frequency identification (“RFID”) technology for our UWC Members to enable quick, contactless and convenient trips. In 2020, the average UWC Member washed their car over 30 times, which we believe is significantly more than the average car wash user. Increased UWC membership provides us consistent, visible and recurring revenue while improving customer loyalty. We

We are the largest national car wash brand based on number of locations, having grown from 65 locations in 2010 to 344 locations as of March 31, 2021. We operate two location formats: (i) Express Exterior Locations, which offer express exterior cleaning services, and (ii) Interior Cleaning Locations, which offer both express exterior and interior cleaning services. Our Express Exterior Locations comprise 263 of our current locations and represent all of our historical and projected greenfield growth. We have 81 Interior Cleaning Locations that serve as a fertile training ground for Mister operations and generate strong cash flows. Our car wash experience has broad demographic appeal and the price of our typical base exterior car wash is approximately $8. 

(Note: Mister Car Wash priced its IPO on June 24, 2021, at $15 – the bottom of its $15-to-$17 range – on 37.5 million shares, the same number of shares in the prospectus, to raise $562.5 million.)

Industry: Services - Automotive Repair, Services & Parking
Employees: 3500
Founded: 1996
Contact Information
Address 222 E 5th Street Tucson, Arizona 85705
Phone Number (520) 615-4000
Web Address http://www.mistercarwash.com/
View Prospectus: Mister Car Wash, Inc.
Financial Information
Market Cap $4737.12mil
Revenues $574.94 mil (last 12 months)
Net Income $60.4 mil (last 12 months)
IPO Profile
Symbol MCW
Exchange NYSE
Shares (millions): 37.5
Price range $15.00 - $15.00
Est. $ Volume $562.5 mil
Manager / Joint Managers BofA Securities/ Morgan Stanley/ Goldman Sachs/ Jefferies/ BMO Capital Markets/ UBS Investment Bank
CO-Managers Nomura/ Piper Sandler/ Guzman & Co./ Loop Capital Markets/ Mischler Financial Group, Inc./ R. Seelaus & Co.
Expected To Trade: 6/25/2021
Status: Priced
Quiet Period Expiration Date:
Lock-Up Period Expiration Date:
SCOOP Rating
Rating Change