Home Investor Relations Press Releases U.S. Dry Cleaning Today Announces Another Significant Acquisition - Tuchman Stores in Indiana.
E-mail Print PDF

 

U.S. Dry Cleaning Announces Another Significant Acquisition - Tuchman Stores in Indiana.

U.S. Dry Cleaning Wins Bid To Acquire Majority of Tuchman Cleaners Stores in Indianapolis.

Newport Beach, CA, (September 3, 2008) - U.S. Dry Cleaning Corporation (UDRY), the nation's first consolidator and fastest-growing national chain of dry cleaning businesses, today announced that it will acquire up to 25 of the Tuchman Cleaners stores in Indianapolis and surrounding areas. The stores, which dominate the Indianapolis market, are among the best operated and respected in the industry. They are owned by National Dry Cleaners of Phoenix and are being purchased by U.S. Dry Cleaning in an all-cash asset purchase transaction. Details will be announced when the transaction is completed, which is anticipated to close by September 30, 2008. The combined revenue of the stores that US Dry Cleaning is acquiring is in excess of $7 million annually and the company expects this acquisition to be extremely accretive to the company.

Deborah Rechnitz, Chief Operating Officer of U.S. Dry Cleaning welcomed Tuchman to the family of U.S. Dry Cleaning Companies. "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-through operations and same day service for their customers," she said. "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," she said, noting that existing management 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," Ms. Rechnitz affirmed. Dunn is Regional Manager of Tuchman Cleaners and has been the driving force for this chain for the past 30 years, building the business into one that is recognized as one of the strongest dry cleaning operations in Indianapolis, noted in particular for its commitment to customer service. This commitment has resulted in Tuchman Cleaners consistently being awarded "Best Dry-Cleaner" status in Indianapolis annually from market research studies and popular opinion reader polls.

"US Dry Cleaning in keeping with the already strongly established customer-driven business of Tuchman Cleaners, intends to continue this commitment by investing in GreenEarth® environmentally-friendly cleaning solutions for the stores. 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," said Ms. Rechnitz.
Tuchman Cleaners was founded in 1916 and has been known throughout the Indianapolis area for its successful "Coats for Kids" program as well as its association with and designation as "The Official Cleaner" of the Indianapolis Colts and other professional sports teams in the city. These programs, as well as other existing community service efforts, are expected to continue with additional community support planned.
U.S. Dry Cleaning has successfully completed three acquisitions this year prior to the Tuchman announcement and the company has a robust pipeline of other acquisitions. The company's targets for acquisition are profitable multi-store dry cleaning operations throughout the United States that are number one or number two in their markets. As a reflection of its remarkable growth, the company has more than doubled its current revenue run rate on an annual basis.

About U.S. Dry Cleaning Corporation

U.S. Dry Cleaning’s mission is to create the premier national chain in the dry cleaning industry. The Company’s management team has extensive experience in retail consolidations and premier dry cleaning operations with a proven operating model. Management intends to rapidly acquire profitable, market-leading operations at accretive valuations. Each acquisition target is expected to be self-sufficient, and field management remains in place to ease the assimilation.
U.S. Dry Cleaning management believes the greatest value achieved in any consolidation is during the earliest phases. As a result, the company intends to grow as rapidly as possible to maximize shareholder value.

# # #

This release is for informational purposes only and should not be construed as a solicitation to invest. U.S. Dry Cleaning future operation results are dependent upon many factors, including but not limited to (i) the company’s ability to obtain sufficient capital or a strategic business arrangement to fund its expansion plans (ii) the company’s ability to build the management and human resources and infrastructure necessary to support the growth of its business; (iii) competitive factors and developments beyond the company’s control and (iv) other risk factors discussed in the company’s periodic filings with the Securities & Exchange Commission, which are available for review at http://www.sec.gov under “Search for Company Filings

Company Contact:
Martin E. Janis & Company, Inc.
Beverly Jedynak
President

Tel: 312-943-1123
Email: This e-mail address is being protected from spambots. You need JavaScript enabled to view it