Key takeaways

1. The biggest platform went private: Leonard Green closed its take-private of Mister Car Wash on May 19, 2026 at $7.00/share, a ~$3.1B enterprise value.^[1]
2. M&A is steady, not frenzied: deal counts have run ~40–49 a year since the 2022 peak of 131, but more buyers are doing 5+ site deals, and advisers expect large stretched deals to close.^[6][3]
3. Consolidators are buying density in the Southeast and Mid-South: Club Car Wash took 13 Glide Xpress sites (TN/AR) in October; Links agreed in July to buy Woodie's Wash Shack, forming a 50-site FL/NC/SC/TX platform.^[4][5]
4. Net-lease car wash pricing has been stable: average listed NNN cap rates sat in a 6.21%–6.33% band from mid-2025 to April 2026, even as listed inventory fell 31% from its Nov 2025 peak.^[7][8]
5. Saturation is now operators' No. 1 concern; new express openings fell from ~943 in 2022 to ~550 in 2025 per one research firm, with Sun Belt corridors most crowded.^[9][11]
6. Memberships still anchor the model: Mister's members were 76% of wash sales in Q1 2026, and ICA finds loyalty and personalization are underused growth levers.^[2][10]
7. Money is not getting cheaper: the Fed held at 3.75%–4.00% on Oct 28 with two members favoring a hike, the 10-year Treasury is near 4.98%, and SBA 7(a) approvals fell 13% in FY2026.^[12][13][16]

M&A and transaction activity

Last updated Oct 31, 2026

Activity has normalized rather than disappeared. Data from Car Wash Advisory, summarized by Axia Growth, counts 131 transactions at the 2022 peak and 40–49 a year from 2023–2025, with 13 acquirors completing 5+ site deals in 2025, up from 5 the year before.^[6]

In June, Amplify Capital Group's Jeff Pavone told PC&D that first-half deals were not dead but "stretched out," slowed by tighter private credit, and that buyer and seller price expectations are finally converging.^[3]

The headline 2026 deal: Leonard Green completed the Mister Car Wash take-private on May 19 at $7.00 per share, implying a $3.1B enterprise value; the stock was delisted from Nasdaq.^[1]

Consolidators and PE buyers

Last updated Oct 31, 2026

Recent deals show regional platforms adding sites near existing clusters:

• Club Car Wash / Glide Xpress (announced Oct 2): 13 stores around Memphis, Little Rock and Northwest Arkansas; terms undisclosed; Glide members keep current pricing through Dec 31, 2027.^[4]
• Links Car Wash / Woodie's Wash Shack (agreement Jul 27): Links' parent, Back Nine Equity, will combine the brands into 50 express sites across NC, SC, FL and TX, under the Woodie's brand.^[5]
• Mister Car Wash: now privately held by Leonard Green funds, operating about 550 locations.^[1]

Pavone predicts the industry's first 1,000-location chain within three years.^[3]

Cap rates and pricing trends

Last updated Oct 31, 2026

For sale-leaseback (NNN) car washes, pricing has barely moved. B+E reported an average listed cap rate of 6.24% in January 2026, within a 6.24%–6.33% band over the prior six months, while listed inventory dropped to 200 properties, 31% below the November 2025 peak of 289.^[7] An April 2026 reading put the average asking cap near 6.21%.^[8] Asking caps usually run below closed deals.^[8]

Operating businesses are priced differently, on earnings multiples rather than cap rates; Car Wash Advisory data puts EV/EBITDA multiples at roughly 8x–15x.^[6]

B+E also noted Texas was the top state by NNN car wash listing volume in January.^[7]

Express tunnel growth and saturation

Last updated Oct 31, 2026

At ICA's spring presentation, market saturation was the No. 1 operator concern, while operators reported roughly 5%–7% growth over the prior 12 months. One operator put it plainly: "Half the stores are doing better and half the stores are doing worse."^[9]

MMCG Invest estimates new express openings peaked near 943 in 2022, fell to about 550 in 2025, and may slip to 450 or fewer in 2026. It flags Sun Belt corridors (including San Antonio and DFW suburbs) as the most crowded, and notes municipal moratoriums and overlay limits spreading.^[11]

Membership and subscription trends

Last updated Oct 31, 2026

At Mister Car Wash, Unlimited Wash Club sales were 76% of wash sales in Q1 2026, up from 73%; members grew 11% to about 2.5 million, and comparable-store sales rose 3.9%.^[2]

ICA's Q3 2026 Pulse found only 54% of retailers run a digital loyalty platform, while personalized offers are consumers' top tech reason to switch washes. 56% of retailers say on-site staff are their best channel for new member signups.^[10]

Interest rates and lending

Last updated Oct 31, 2026

On Oct 28 the FOMC held the fed funds target at 3.75%–4.00% by a 10–2 vote; the two dissenters preferred a quarter-point hike, and the statement said inflation "remains elevated."^[12]

FRED data: the 10-year Treasury was 4.98% on 2026-10-29 (vs. 4.12% a year earlier) and the bank prime rate was 7.00% (vs. 7.25%).^[13][14][15] Long-term borrowing costs have risen even as the policy rate is slightly lower than a year ago.

SBA 7(a) approvals fell 13% to $32.43B in FY2026, and loan count dropped 28.1% to 56,130.^[16] Pavone pointed to tighter private credit as a drag on PE-backed deal timing.^[3]

New construction and closures

Last updated Oct 31, 2026

Mister opened 2 greenfield sites and closed 1 in Q1 2026, ending at 549 locations; it had no sale-leasebacks that quarter.^[2] Construction is slowing nationally per MMCG's estimates, and it expects net site counts to start declining as legacy sites close and overbuilt corridors rationalize.^[11]

Texas and the Southeast

Last updated Oct 31, 2026

• Texas: ClearWater Express reopened a former independent wash in Leander (Austin area) as its 95th site in October.^[17] State filings show new tunnels still entering the pipeline, e.g. a $1.5M new tunnel registered in Manvel (Brazoria County) with a June 2027 completion date.^[18] Texas led NNN car wash listing volume in January.^[7] Links/Woodie's will include Texas sites.^[5]
• Southeast / Mid-South: the Woodie's (FL/NC/SC) and Glide Xpress (TN/AR) deals show platforms building regional density.^[4][5] MMCG lists Florida, Texas, Georgia and Tennessee among the states that absorbed a disproportionate share of the 2019–2024 build wave.^[11]

Sources

1. SEC EDGAR – Mister Car Wash 8-K Ex. 99.1, "Mister Car Wash Announces Completion of Take-Private by Leonard Green & Partners," published 2026-05-19. https://www.sec.gov/Archives/edgar/data/1853513/000119312526229866/d128344dex991.htm (accessed 2026-10-31)
2. SEC EDGAR – Mister Car Wash 8-K Ex. 99.1, "Mister Car Wash Announces First Quarter 2026 Results," published 2026-04-29. https://www.sec.gov/Archives/edgar/data/1853513/000119312526191483/mcw-ex99_1.htm (accessed 2026-10-31)
3. Professional Carwashing & Detailing, "Wash Talk Ep. 267: Carwash M&A – deal trends and bold predictions," published 2026-06-04. https://www.carwash.com/carwash-ma-trends-jeff-pavone-2026-outlook/ (accessed 2026-10-31)
4. Car Wash Wire, "Club Car Wash buys 13 Glide Xpress sites in Mid-South," published 2026-10-16. https://carwashwire.com/2026/10/club-car-wash-buys-13-glide-xpress-sites/ (accessed 2026-10-31)
5. Links Car Wash (press release), "Links Car Wash to Acquire Woodie's Wash Shack," published 2026-07-27. https://linkscarwash.com/links-car-wash-to-acquire-woodies-wash-shack/ (accessed 2026-10-31)
6. Axia Growth (citing Car Wash Advisory data), "Car Wash M&A: Buyers, Multiples & Trends (2026)," published 2026-10-03 (last modified). https://axiagrowth.com/resources/industries/automotive-equipment/car-wash (accessed 2026-10-31)
7. CRE Market Beat (citing B+E research), "Triple-Net Car Wash Inventory Drops 31% as Cap Rates Stay Near 6.24%," published 2026-02-23. https://cremarketbeat.com/triple-net-car-wash-inventory-drops-31-as-cap-rates-stay-near-6-24/ (accessed 2026-10-31)
8. CapRateCalculator.co (citing Raymond James / B+E), "Car Wash Cap Rates: NNN Car Wash Average Near 6.2%," published 2026-10-27. https://capratecalculator.co/guides/car-wash-cap-rates (accessed 2026-10-31)
9. NACS (covering ICA presentation), "ICA: What's Next for Car Wash?," published 2026-05-15. https://www.convenience.org/stay-current/news/2026/may/15/ica-what%E2%80%99s-next-for-car-wash (accessed 2026-10-31)
10. Professional Carwashing & Detailing, "ICA releases Q3 2026 CAR WASH Pulse report," published 2026-08-17. https://www.carwash.com/ica-car-wash-pulse-q3-2026/ (accessed 2026-10-31)
11. MMCG Invest, "US Car Wash Industry 2026: The Gold Rush Hits Its Ceiling," published 2026-07-04. https://www.mmcginvest.com/post/the-us-car-wash-industry-in-2026-the-gold-rush-meets-its-ceiling (accessed 2026-10-31)
12. Federal Reserve Board, "Federal Reserve issues FOMC statement," published 2026-10-28. https://www.federalreserve.gov/newsevents/pressreleases/monetary20261028a.htm (accessed 2026-10-31)
13. FRED, St. Louis Fed, "10-Year Treasury Constant Maturity (DGS10)," published data through 2026-10-29. https://fred.stlouisfed.org/series/DGS10 (accessed 2026-10-31)
14. FRED, St. Louis Fed, "Bank Prime Loan Rate (DPRIME)," published data through 2026-10-27. https://fred.stlouisfed.org/series/DPRIME (accessed 2026-10-31)
15. FRED, St. Louis Fed, "Federal Funds Target Range – Upper Limit (DFEDTARU)," published data through 2026-10-30. https://fred.stlouisfed.org/series/DFEDTARU (accessed 2026-10-31)
16. Coleman Report, "Coleman Report FY 2026 SBA 7(a) Rankings," published 2026-10-13. https://colemanreport.com/sba-hot-topic-tuesday-coleman-report-fy-2026-sba-7a-rankings/ (accessed 2026-10-31)
17. Professional Carwashing & Detailing, "ClearWater Express Wash opens 95th site in Leander, Texas," published 2026-10-26. https://www.carwash.com/clearwater-express-wash-leander/ (accessed 2026-10-31)
18. Texas Dept. of Licensing & Regulation (TABS), "Project TABS2026020651 – Motu Express Carwash, Manvel, TX," published registered 2026-05-19. https://www.tdlr.texas.gov/TABS/Projects/TABS2026020651 (accessed 2026-10-31)