NEWPORT BEACH, Calif. — U.S. Dry Cleaning Corp. (USDC) has announced that it will acquire up to 25 Tuchman Cleaners stores in Indianapolis and the surrounding areas.
U.S. Dry Cleaning purchased the stores, owned by National Dry Cleaners of Phoenix, in an all-cash transaction. Details will be announced when the transaction is completed. The deal is anticipated to close by Sept. 30, 2008.
The combined revenue of the acquired stores is in excess of $7 million annually.
“This is a wonderful acquisition for us, as these stores have a tremendous reputation for quality and service in the Indianapolis area, in particular for their convenient drive-thru operations and same-day service for their customers,” says Deborah Rechnitz, chief operating officer of U.S. Dry Cleaning. “It is for those customers that we are pleased to be able to bring these stores out of bankruptcy and begin putting additional resources to work for Tuchman’s loyal current and future customers.”
Tuchman Cleaners’ existing management team, including Jim Dunn, regional manager, is expected to remain. “We look forward to working with Jim Dunn and his team in continuing the quality, service and care that is recognized by Tuchman customers,” Rechnitz says
U.S. Dry Cleaning is investing in GreenEarth's silicone-based solvent technology for the stores, the company adds. “We believe that customers of Tuchman will find that as a result of these biodegradable solutions, clothes will be softer with brighter colors, and for delicate fabrics, the cleaning process is much gentler,” Rechnitz says.
Tuchman Cleaners was founded in 1916, and is the official cleaner of the Indianapolis Colts and other professional sports teams in the city.
U.S. Dry Cleaning has already completed three acquisitions this year and has more than doubled its current revenue run rate on an annual basis, the company says.