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Investment in ZIPS Boosts Rival to Tide Dry Cleaners


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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.

 

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The latest news, opinions and commentary on what's happening in the franchise arena that could affect your business.

Tom KaiserTom Kaiser is associate editor of Franchise Times. He can be reached at 612.767.3209, or send story ideas to tkaiser@franchisetimes.com.
 
Beth EwenBeth Ewen is editor-in-chief of Franchise Times. She can be reached at 612.767.3212, or send story ideas to bewen@franchisetimes.com.
 
Nicholas UptonNicholas Upton is staff writer at Franchise Times. He can be reached at 612.767.3226, or send story ideas to nupton@franchisetimes.com.
 
Mary Jo LarsonLaura Michaels is managing editor of Franchise Times. She can be reached at 612.767.3210, or send story ideas to lmichaels@franchisetimes.com.
 
Mary Jo LarsonMary Jo Larson is the publisher of Franchise Times Magazine and the Restaurant Finance Monitor.  You can find her on Twitter at
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Nancy WeingartnerNancy Weingartner is editor-at-large of Franchise Times magazine and the editor of the Food On Demand media project. You can reach her at 612-767-3200 or at nancyw@franchisetimes.com.
Follow her on Twitter at http://twitter.com/nanweingartner.
 

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