Posted at 9:33 a.m., Wednesday, October 17, 2007
U.S. Dry Cleaning announces acquisition agreements
Advertiser Staff
U.S. Dry Cleaning Corp., the Palm Springs, Calif.-owner of Honolulu's Young Laundry and operations elsewhere, said it signed an agreement to buy four dry cleaning chains for $22.9 million in cash and stock plus the assumption of $3.66 million of debt.The company did not disclose the locations of the chains being acquired but said it expects to complete the transactions by the end of the year. It said it plans to acquisitions with the proceeds of a $20 million senior secured convertible debt offering.
