In a $3.1 billion take-private, Leonard Green & Partners acquired Mister Car Wash, a car wash chain with a subscription program.

The all-cash transaction was funded by Leonard Green & Partners investment funds, which bought remaining common shares not already held by its affiliates for $7.00 apiece.

Mister Car Wash is headquartered in Tucson, Ariz., and operates approximately 550 locations across North America.

The company serves individual vehicle owners through retail car washes and a subscription model, and its common stock ceased trading following closing and will be delisted from Nasdaq.

Management rolled over a portion of its ownership as part of the transaction.

John Lai, chairman and chief executive officer, said the private ownership structure gives the company flexibility to keep investing in customer experience and growth.

Leonard Green & Partners is a Los Angeles-based private equity firm founded in 1989 with more than $85 billion of assets under management.

The firm has been involved with Mister Car Wash since 2014 and focuses on services, including consumer, healthcare and business services, as well as distribution and industrials.

and Centerview Partners LLC advised the Special Committee of the Mister Car Wash Board of Directors, with Morris, Nichols, Arsht & Tunnell LLP as legal counsel.

Latham & Watkins LLP advised Mister Car Wash, while Jefferies LLC and Simpson Thacher & Bartlett LLP advised Leonard Green & Partners.