PALM SPRINGS, Calif. — U.S. Dry Cleaning Corp. announced last week that it has completed an initial public offering (IPO) of approximately $6 million, which will be earmarked toward its effort to build a national chain.
“We are very excited to complete the first IPO in the drycleaning industry,” says Robert Y. Lee, CEO director and co-founder of the company. “Several outstanding financial companies have supported our vision to become the industry’s first national, premier chain.
“The drycleaning business is extremely stable, surviving economic downturns, fads, wars, depressions and natural disasters,” he adds. “With this successful public offering, we are poised to advance our strategy to become a dominant force in a previously fragmented sector, and provide the industry’s highest quality service.”
U.S. Dry Cleaning’s IPO issued 2.4 million units consisting of one share of common stock and a redeemable warrant for a second share, priced at $2.50 each. US EURO Securities Inc., a private investment bank based in Florida, acted as the managing underwriter, and is distributing a prospectus of the offering. The company has filed for a symbol on the over-the-counter (OTC) stock market.
“We are pleased to complete this IPO and help U.S. Dry Cleaning expand its dominance of the U.S. drycleaning industry,” says Michael Roy Fugler, chairman of US EURO Securities. “With this financing, U.S. Dry Cleaning is now positioned to obtain a trading symbol and launch its plan to acquire high-quality operations in strategic geographic regions of the U.S.”
U.S. Dry Cleaning Corp. has completed acquisitions of drycleaning operations with combined annual revenues of more than $9 million in the last year. The IPO will fund the purchase of additional profitable and market-leading operations throughout the country, the company says.