Investment in ZIPS Boosts Rival to Tide Dry Cleaners
ZIPS Franchising, one of the largest franchisors of retail dry cleaners in the Mid-Atlantic region, just received a vote of confidence—and capital—from JPB Capital Partners.
“We believe that ZIPS has created great brand awareness and a unique model within the dry cleaning industry,” says Jim Bolduc, senior managing director of JPB Capital Partners, in Columbia, Maryland. They plan to put money and know-how into further geographic expansion.
ZIPS started in 1996 with eight dry cleaners, and now has 36 franchise operations. Its formula is dry cleaning that is ready to be picked up the same day it’s dropped off for a flat-rate price of $1.99.
That runs counter to a competing concept, Tide Dry Cleaners, with corporate giant Procter & Gamble backing the rollout and West Coast-based Panda Dry Cleaning leading the charge as its foremost multi-unit franchisee.
Andrew Cherng is the famed founder of franchisor Panda Express, and he’s investing in Tide Dry Cleaners as what he calls a test of an interesting concept.
The investment in ZIPS, amount undisclosed, was funded with equity from JPB Capital Partners III, the firm’s third and most recent private equity fund. Three members of the JPB team—Jim Bolduc, Greg Carey and Mark Rohde—will join Brett Vago, Dennis McMahon and Theresa Casiello on the ZIPS board.