Mister Car Wash shares stay at a steady high number

The value of Mister Car Wash shares have stayed at a steady point since its stock market debut in June. This morning the price stood at 18.19 dollars per share, the starting point was 15 dollars. On the first day, more than 31 million shares were sold and an amount of 468 million dollars was raised.

Mister Car Wash has been listed on the New York Stock Exchange since June. Managing director John Lai rang the stock exchange bell on the first day (see video below). Mister Car Wash prides itself on the quality of its wash services, customer friendliness and customer experience. In its own words, it is the people who make the chain a success. The slogan is ‘Inspiring people to shine’.

Positivity

“We believe in the power of positivity. The happiness of employees benefits the quality of customer service,” Lai said in an interview with MarketWatch. Mister Car Wash is a profitable company with growing sales. In 2020, sales reached $574 million and profits were $59 million. Mister Car Wash focuses entirely on carwashes, last year its oil change locations were sold to Valvoline.

Little influence

The proceeds of the share sale will be used to pay off debts. Mister Car Wash is largely owned by private equity firm Leonard Green Partners, which bought it a few years back. The debt stands at about $1 billion, according to news site Marketwatch. Leonard Green still owns 79 per cent of all shares after the sale, so individual shareholders have little say in the management.

Mister Car Wash has 6,000 employees, 344 locations in 21 states in the US, according to the share brochure. From March 2020 to March 2021, nearly 60 million cars were washed. The chain sees particular opportunities for expansion in the state of California.

Click here for the current value on the NYSE.

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Author: Rieneke Kok

Rieneke is editor for CarwashPro.com. She also writes for the Dutch version, CarwashPro.nl.

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