TORONTO – Onex Corp. (TSX:OCX) said Thursday that its ONCAP II fund has sold its Car Wash Partners Inc. (Mister Car Wash) business to Leonard Green and Partners.
The private equity firm said it received net proceeds of $153 million from this sale.
ONCAP II, which invests in small and medium-size companies, acquired Mister War Wash in April 2007 and has helped grow the business from 39 locations to more than 130.
The fund made an original investment of $52 million and has received a total of $423 million in net proceeds from the business over the years.
Onex has $22 billion in assets under management, including $6 billion in Onex capital, in private equity and credit securities.