Mister Car Wash Acquires Top Wash in Minnesota

Rhea-AI Summary

Mister Car Wash (NYSE: MCW) has acquired Top Wash, adding three express exterior locations in Anoka, Fridley, and Champlin, Minnesota.

This acquisition strengthens Mister’s presence in the Twin Cities, a key market for the company. The integration process will see Top Wash locations rebranded and optimized for service offerings. Mister operates over 400 car washes nationwide, highlighting its commitment to growth and customer experience.

Positive

• Acquisition of three locations enhances presence in a key market.
• Expansion aligns with company's growth strategy in the Twin Cities.

Negative

• Integration challenges may arise with rebranding and optimizing the acquired locations.

Continuing growth throughout the Twin Cities region

TUCSON, Ariz.--(BUSINESS WIRE)-- Mister Car Wash, Inc. (the "Company" or "Mister"; NYSE: MCW) today announced the successful acquisition of Top Wash, three express exterior locations in Anoka, Fridley and Champlin, Minnesota.

“The Twin Cities are one of our legacy markets and we are excited to see new growth in the area with the addition of these three stores and the recent opening of our Brooklyn Park location,” said Casey Lindsay, Vice President Corporate Development of Mister Car Wash. “The Top Wash locations expand our presence in the northern suburbs of Minneapolis that are continuing to grow and develop.”

Customers of Top Wash can expect the business to continue operating as normal in the near term. Throughout the coming months, Mister will be working with the team to rebrand the store and optimize service and product offerings as they fully integrate into the brand.

For information about services and career opportunities with Mister Car Wash, please visit www.mistercarwash.com.

About Mister Car Wash® | Inspiring People to Shine®

Headquartered in Tucson, AZ, Mister Car Wash, Inc. (NYSE: MCW) operates more than 400 car washes nationwide and has the largest car wash subscription program in North America. With over 25 years of car wash experience, the Mister team is focused on operational excellence and delivering a memorable customer experience through elevated hospitality. The Mister brand is anchored in quality, friendliness and a commitment to the communities we serve as good stewards of the environment and the resources we use. We believe that when you take care of your people, they will take care of your customers. To learn more visit: https://mistercarwash.com

Forward-Looking Statements

This press release includes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements in this press release include but are not limited to Mister Car Wash's expansion efforts and branding initiatives. Words including "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "might," "plan," "potential," "predict," "seek," or "should," or the negative thereof or other variations thereon or comparable terminology are intended to identify forward-looking statements. In addition, any statements or information that refer to expectations, beliefs, plans, projections, objectives, performance, or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking.

These forward-looking statements are based on management's current expectations and beliefs. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause the Company's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to: developments involving the Company's competitors and its industry; the Company's ability to attract new customers, retain existing customers and maintain or grow its number of subscription members; potential future impacts of the COVID-19 pandemic; the Company's ability to open and operate new locations in a timely and cost-effective manner; the Company's ability to identify suitable acquisition targets and consummate such acquisitions on attractive terms; the Company's ability to maintain and enhance its brand reputation; the Company's reliance on and relationships with third-party suppliers; risk related to the Company's indebtedness and capital requirements; risk related to governmental laws and regulations applicable to the Company and its business; the Company's ability to maintain security and prevent unauthorized access to electronic and other confidential information; and the other important factors discussed under the caption "Risk Factors" in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2021, as such factors may be updated from time to time in its other filings with the SEC, which are accessible on the SEC's website at www.sec.gov and Investor Relations section of the Company's website at https://ir.mistercarwash.com/.

These and other important factors could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. Any forward-looking statement that the Company makes in this press release speaks only as of the date of such statement. Except as required by law, the Company does not undertake any obligation to update or revise or to publicly announce any update or revision to, any of the forward-looking statements, whether as a result of new information, future events, or otherwise.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220803005394/en/

Media

Hailee Tavoian

media@mistercarwash.com



Investor Relations

Farah Soi/John Rouleau

ir@mistercarwash.com

Source: Mister Car Wash, Inc.

FAQ

What acquisition did Mister Car Wash announce?

Mister Car Wash announced the acquisition of Top Wash, adding three express exterior locations in Minnesota.

What is the significance of the Top Wash acquisition for MCW?

The acquisition strengthens Mister Car Wash's presence in the Twin Cities, a vital growth market.

When did Mister Car Wash acquire Top Wash?

Mister Car Wash announced the acquisition in August 2022.

What can customers expect after the acquisition of Top Wash?

Customers can expect normal operations initially, followed by rebranding and optimization of services.