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Penfund completes follow-on investment in Mister Car Wash

Canadian middle-market-focused private equity firm Penfund, along with other lenders, provided a new US$225 million second-lien credit facility to Mister Car Wash.

Mister Car Wash also received a new US$75 million revolving credit facility and a US$40 million delayed term loan from senior lenders, according to a release.

Penfund's follow-on investment and the proceeds from a new US$800 million first-lien term loan were used to refinance the Tucson, Ariz.-based car wash operator's existing debt and pay a distribution to its shareholders.

Mister Car Wash operates 300 car washes and 32 oil change expresses across 21 states.