COLUMBIA, Md. — Private equity firm JPB Capital Partners has invested in Value Drycleaners of America LLC, the parent company of ZIPS Franchising LLC (“ZIPS”), one of the largest franchisors of retail dry cleaners in the Mid-Atlantic region. Terms of the transaction were not disclosed.
ZIPS began in 1996 with a group of eight dry cleaners in the Baltimore-Washington region and has grown to 36 franchise operations in Maryland, Virginia, Pennsylvania and Washington D.C.
“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. “With this foundation in place, and the combination of our capital and our team’s knowledge and experience in both retail and franchise operations, we believe that we can move the concept through its next phase of growth including improved execution of the existing system and further geographic expansion of the concept.”
Brett Vago, an original ZIPS member and a director, says the investment will enable the company to achieve its “long-term vision for the brand and the concept.”
“We are very excited about joining forces with the JPB team to leverage their track record and experience in growing both retail and franchised businesses with our knowledge of the dry cleaning industry,” he says.
The investment was funded with equity from JPB Capital Partners III LP, the firm’s third and most recent private equity fund.
Three members of the JPB team—Bolduc, Greg Carey and Mark Rohde—will join Vago, Dennis McMahon and Theresa Casiello on the ZIPS board of directors, as will Robert Barry, CEO of The Greene Turtle Franchising Corp.