Wholesale Dry Cleaning Services Est over 50 years

New York, NY (New York County)

Seller Financing Available
Wholesale Dry Cleaning Services Est over 50 years

Asking Price:$783,000

Cash Flow:$326,048

Gross Revenue:$4,022,000

EBITDA:N/A

FF&E:$200,000

Inventory:N/A

Rate/Sq. Ft.:N/A

Established:N/A

Wholesale Dry Cleaning Services Est over 50 years

Get Financing Save Print Share Valuation Report

Business Description

Well-established NYC Metro area multi-generational service business, established in 1947, providing wholesale services to the dry cleaning retailers and fur establishments throughout the Eastern Seaboard of US. Combined Sales for 7-31-16 were $4,022,000. The company is currently the largest service company of its type in the US, servicing neighborhood dry cleaners and laundry outlets from Connecticut to Florida. Over 250,000 units are received and processed into 2 secured modern facilities.

Their are two segments of the business, one is a fur cleaning and off-season cold storage business established in 1947 the other was started in 2007 to handle the complexity of suede, leather, shearlings, boots. wedding gowns and area rugs beyond the expertise of the local neighborhood dry cleaner. The fur cleaning and storage business grossed $2. 027m and the ancillary cleaning business grossed $1.994m.

Both businesses are headquartered out of a 50k square foot facility based in NY metro area that is convenient to interstates and freeways. The owners have spent $1.2m in leasehold improvement and facilities upgrades to improve the operational efficiency of the business. The owner estimates that all machinery and equipment are currently state of the art. The business also has 18 trucks and vans used in the business. There is another smaller but similar satellite distribution facility located in Virginia serving the mid and lower Eastern seaboard area. All garments are transported by company owned trucks with company-employed drivers that have known their service customer for many years.

The company has 3 Departmental Managers overseeing 20 Full Time permanent and 30 seasonal employees and 7 Independent contractors who have routes connected to the business. Most employees have long tenure with the business. Current selling owner is 3rd generation.

Detailed Information

Inventory:
Included in asking price
Real Estate:
Leased
Building Sq. Ft.:
70,000
Lease Expiration:
1/2/2023
Employees:
60
Furniture, Fixtures, & Equipment (FF&E):
Included in asking price
Facilities:
50000 sq ft facility in NYC metro location that has been customized to include vault secured cold storage, specialized cleaning plant for leathers and suedes, additional area for outerwear and fur cleaning. Additional space for inventory processing, receiving and office space. In excess of $1.2m has been spent on improving and updating the machinery and equipment and is state of art. There is a smaller satellite facility in Virginia, serving the lower geographical regions of the business from Virginia to Florida.
Financing:
Seller is open to financing for qualified buyer.
Support & Training:
The seller will provide full support and training to the new buyer.
Reason for Selling:
Retirement age of seller.

Listing Statistics for Premium Members

Ad#:1301006 Report an issue with this listing

The information in this listing has been provided by the business seller or representative stated above. BizBuySell has no stake in the sale of this business, has not independently verified any of the information about the business, and assumes no responsibility for its accuracy or completeness.
Read BizBuySell's terms & conditions before responding to any ad.

Contact the Seller

(from currently available funds)
 
Sign up for the BuyerNewsletter.
Learn to use your IRA/401K to buy a business: Guidant Financial (min. $50K needed in IRA/401K)
Contact Seller Loading

John Boswell

Business Listed By:
John Boswell

Synergy Business Brokers

Show Phone Number

View My Listings


Sponsoring Broker:
Blake Taylor

Find out more...

Get more details about this business.


Similar Listings


The Solar Scrubbers

Franchise Opportunity
Capital Required: $45,000