ONCAP to pocket $380 mln, 8x investment from Mister Car Wash sale

ONCAP, the mid-market platform of Canadian private equity Onex Corp, has confirmed plans to sell U.S. car wash chain Mister Car Wash. A second quarter financial statement by Onex did not specify the buyer, but earlier reports have indicated it will be U.S. private equity firm Leonard Green & Partners. ONCAP is likely to take home approximately US$380 million in net proceeds from the deal. This translates into a gross multiple of capital invested of about 8x and a gross IRR of 36 percent.

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