Mister Car Wash
Leonard Green completed a $3.1B take-private in May 2026, and S&P affirmed B with a negative outlook on the higher post-deal debt. Car wash sale-leasebacks have long terms and annual bumps, but the buildings are special-purpose and the credit is speculative grade.
- US units
- 550
- Q1 2026 (approx.)
- 3Y net growth
- +26.1%
- vs. FY2022
- Credit rating
- B
- Sub-investment grade
- Typical term
- 15-20 yr
- Absolute NNN
- Model
- Corporate
- Private equity
Unit count
Mister Car Wash in the news
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Mister Car Wash net lease FAQ
What is Mister Car Wash's credit rating?
Mister Car Wash is rated B, which is below investment grade. Check the lease to confirm whether the rated entity is the actual guarantor.
How many Mister Car Wash locations are there in the US?
Mister Car Wash reported about 550 US locations as of Q1 2026 (approx.). That is +26.1% versus 436 in FY2022.
What does a typical Mister Car Wash net lease look like?
Lease type: Absolute NNN. Initial term: 15-20 yr. Rent increases: 1.5-2% annually. These are market-typical terms; actual deals vary by vintage, location and whether the lease is corporate or franchisee-signed.
Is Mister Car Wash corporate or franchised?
Operating model: Corporate. Mister Car Wash is part of Leonard Green & Partners. For net lease investors this determines whether rent is backed by the corporate parent or by a franchisee.