Score a listing →
CAR WASH · Q1 2026 · 4.5×–7.0× EBITDA band held quarter-over-quarter (n=82, BizBuySell / industry M&A aggregate)CAR WASH · Mister Car Wash → LGP take-private · $7.00/share at 29% premium (Feb 17 2026 announcement)CAR WASH · Driven Brands divests US Car Wash to Whistle Express for $385M · diversified-acquirer retreatCAR WASH · ZIPS Car Wash emerged from Chapter 11 (Apr 2025) · $279M debt reduction; appeals through 2026CAR WASH · Express tunnel format >50% of NA market share (Mordor Intelligence 2026)CAR WASH · ICA Q1 CAR WASH Pulse — saturation, price sensitivity, slowing membership growthCAR WASH · Industry size $18.7B US (IBISWorld 2026) · 5.4% CAGR 2025–2026CAR WASH · Cohort retention 72%–91% across sample · 30–50% higher promotional-rate churnREGULATORY · EPA Proposed 2026 MSGP · PFAS quarterly monitoring + exceedance investigation requirementREGULATORY · California Title 22 reclaim retrofit deadline Jan 1 2027 · 50% reclaim threshold for existing sitesJAPAN · Cross-border discount ~30–40% · 2.5×–4.0× EBITDA band reflects no unlimited-membership recurring layerMETHODOLOGY · Acquidex v1.0 · Sample window 2025-04 → 2026-03 · Trailing 12 months · n=82 SMB transactionsCAR WASH · Q1 2026 · 4.5×–7.0× EBITDA band held quarter-over-quarter (n=82, BizBuySell / industry M&A aggregate)CAR WASH · Mister Car Wash → LGP take-private · $7.00/share at 29% premium (Feb 17 2026 announcement)CAR WASH · Driven Brands divests US Car Wash to Whistle Express for $385M · diversified-acquirer retreatCAR WASH · ZIPS Car Wash emerged from Chapter 11 (Apr 2025) · $279M debt reduction; appeals through 2026CAR WASH · Express tunnel format >50% of NA market share (Mordor Intelligence 2026)CAR WASH · ICA Q1 CAR WASH Pulse — saturation, price sensitivity, slowing membership growthCAR WASH · Industry size $18.7B US (IBISWorld 2026) · 5.4% CAGR 2025–2026CAR WASH · Cohort retention 72%–91% across sample · 30–50% higher promotional-rate churnREGULATORY · EPA Proposed 2026 MSGP · PFAS quarterly monitoring + exceedance investigation requirementREGULATORY · California Title 22 reclaim retrofit deadline Jan 1 2027 · 50% reclaim threshold for existing sitesJAPAN · Cross-border discount ~30–40% · 2.5×–4.0× EBITDA band reflects no unlimited-membership recurring layerMETHODOLOGY · Acquidex v1.0 · Sample window 2025-04 → 2026-03 · Trailing 12 months · n=82 SMB transactions
Scored Listing·Car Wash·Updated 2026-05-02
Upper bandComposite

Express tunnel, 4,800 active members, Sun Belt market

§ 01 · Observed

What was documented in diligence.

Membership software export reconciled against POS and bank deposits for 24 months. Monthly churn 3.8% — below the 5% threshold. Chemical cost per car $0.72, within the efficient $0.60–$0.90 range. Utility burden (water, electric, chemicals combined) at 10.4% of revenue. Tunnel equipment 4-year average age with full service records. Site lease 15 years remaining with assignment clause. Phase I environmental clear — no prior dry-cleaning or UST history on site.

§ 02 · Outcome

What happened.

Signed at 6.1× EBITDA. SBA lender confirmed DSCR at 1.31× on normalized earnings. Closed without repricing.

§ 03 · Structural Pattern

How this deal fits the four-pillar framework.

Upper-band placement supported by membership share above 60%, documented cohort retention below 4% monthly churn, chemical efficiency within benchmark, and long-term assignable lease. All four pillars scored at or above mid-band; Earnings Quality and Fundability both cleared top-of-band thresholds.

This is an anonymized composite drawn from observable structural patterns in the sample window. It is not a specific deal. The structural pattern, band placement, and outcome reflect commonly observed combinations; a future consented case study will replace this entry.

Industry Atlas

See the band this listing sits against →

Underwriting Playbook

Four-pillar framework →

All scored listings

Index →

Methodology · Acquidex v1.0, §3.4 (Earnings Quality), §3.3 (Transferability), §5.1 (Add-Back Stripping per SBA SOP 50 10 8). Methodology paper forthcoming Q3 2026.

Sources · BizBuySell closed-deal data, IBBA Market Pulse Q3–4 2025 and Q1 2026, Pratt's Stats SMB transaction database, Acquidex direct deal observations.

Author · Avery Hastings, CPA. Tokyo-based; SMB and lower-middle-market acquisitions in the US and Japan.

Express tunnel, 4,800 active members, Sun Belt market — Car Wash Deal Teardown | Acquidex | Acquidex