Thread by @Codie_Sanchez

1st ever carwash company to go public... and it's worth $7 BILLION!

MCW IPO'd this past week
Then went up 46%+ (biggest IPO of the day)

A thread on buying & building for cashflow:

What happened?
- Mister Car Wash started in 1996
- It has 344 locations
- That's 345 million cars cleaned
- Now the largest carwash company in the US

BUT get this....

They only own 5% of the market share

That's why PE loves boring businesses...

MCW has been owned by 3 different PE firms:
- all made $ on it

Since being owned by Green:
- paid out at least two dividends
- $215 million in 2019
- $213 million 2016

Cool idea from MCW: Reoccuring Rev

- created a monthly subscription (very SaaSy)
- Unlimited Wash Club generates > 60% of sales
- Unlimited outside cleaning = $19.99/ month
- $29.99/ month for the platinum
- Interior cleaning starts at $59.99/ month

Remember when I told you guys I liked carwashes and laundromats?

Buy for $1.7M (including RE) and cashflow $300-400k

Sidenote: the MCW owners seem rad
- Gave stock to all 6,000 employees
- Like the Chobani of cars

If you're into:
- cashflow ideas
-buying businesses
- riffing on boring biz models

Give me a follow, @codie_sanchez

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