Lapels Dry Cleaning Partners With Greybull Stewardship On Investment Deal
May 30, 2018 // Franchising.com // HANOVER, MA and EMERYVILLE, CA - Lapels Dry Cleaning (“Lapels”), an innovative, environmentally friendly dry cleaning company headquartered in Hanover, Massachusetts, announced an investment deal with Greybull Stewardship (“Greybull”), a unique, long-term oriented partnership of business owners that invests in exceptional small to medium-sized businesses. Greybull’s investment in Lapels’ parent company, Next Step Franchising LLC, will give Greybull a minority share in Lapels.
“Greybull Stewardship understands the core strengths and potential of our business model. With Greybull’s investment, support, and long-term investment approach, I’m confident that Lapels Dry Cleaning, its employees, and its franchisees will continue to prosper,” said Kevin Dubois, CEO of Lapels. Dubois will remain CEO after the investment.
Over the past 18 years, Lapels has pioneered an eco-friendly dry cleaning experience. Part of that effort includes a partnership agreement with GreenEarth®, the dry cleaning industry’s only non-toxic cleaning alternative, for Lapels’ newer locations. Lapels, with more than 95 locations nationwide, can often claim to be the only dry cleaner with no hazardous waste in its process in a town.
Lapels’ franchise model allows it to build small hub & spokes businesses throughout the world and enables franchise owners to oversee this network with tremendous customer service. At each location, Lapels’ customers are greeted by a warm and inviting reception area, friendly customer service representatives, and convenient alteration services.
Lapels offers Automatic Rewards, earning clients credit towards free dry cleaning for every dollar they spend; a VIP Program that eliminates the need to wait in line; the use of a 24 Hour Drop Off Service and Free Home Delivery to all customers. Same day service is also available with pick-up after five pm (local time). Lapels’ mobile app allows customers to let a store know when they are on the way.
“Lapels Dry Cleaning is an exciting investment for Greybull Stewardship. The franchise is a leader in the expanding environmentally-friendly dry cleaning market,” said Mason Myers, founder and general partner of Greybull, which is based in Emeryville, CA. “We see exciting opportunities for Lapels to grow across the United States and the world.”
One of those opportunities could involve a strategic partnership with one of Greybull’s other companies, Murphy Business, a network of hundreds of business brokers across North America.
“This potential strategic partnership alone will offer many benefits to Lapels and Murphy Business,” said Dubois. “Murphy’s network of professionals could help us find additional outlets through conversion, assist in re-selling existing Lapels stores, and provide development assistance for offering franchising. In short, we believe that Murphy’s could help Lapels grow and bring network effects to the whole franchise[K1] .”
About Lapels Dry Cleaning - Environmentally Friendly Cleaners
Each Lapels Dry Cleaning store offers a full slate of services, including: same-day dry cleaning; shirt service; tailoring; shoe repair; wedding gown preservation; suede and leather processing; box storage and fur storage. Lapels Dry Cleaning has stores in Arizona (Gilbert, Chandler, Phoenix, Scottsdale), California (Gilroy, Hollister), Colorado (Littleton), Connecticut (Cromwell), Florida (Fleming Island, Orange Park, Tampa) Louisiana (Monroe, West Monroe, Delhi, Rayville, Winnsboro), Massachusetts (Abington, Allston, Bedford, Boston, Boston Seaport, South Boston, Brighton, Burlington, Canton, Cohasset, Dedham, Easton, Framingham, Hanover, Hingham, Kingston, North Andover, Malden, Marshfield, Martha’s Vineyard, Newtonville, Norton, Somerville, Stoughton, Walpole, Waltham, Wakefield, Wellesley, Westford, Westwood and Wilmington), Michigan (Beverly Hills, Rochester Hills, West Bloomfield), Mississippi (New Albany, Tupelo, Oxford, Pontotoc), Missouri (Wildwood), New Jersey (Brick, Livingston, Somerville), Ohio (Liberty Township), Oklahoma (Edmond, Oklahoma City), Pennsylvania (Bloomsburg), South Carolina (Myrtle Beach, Pawleys Island), Tennessee (Nashville, Franklin, Germantown), Texas (Bee Cave, Brownsville, Katy, Richmond, Spring). Additional locations are coming soon to Boston, MA, Latham, NY, Arlington, TN, Little Elm, TX, Prosper, TX, Sugar Land, TX and Doha, Qatar.
Lapels Dry Cleaning has received a number of accolades in the franchise world. Awards include being ranked as the number one franchise in the Dry Cleaning and Delivery Services category for Entrepreneur’s Annual “Franchise 500” for 2016. Entrepreneur's “Franchise 500” is the best and most comprehensive rating of franchises in the world and is based on objective, quantifiable measures of a franchise operation. Lapels Dry Cleaning has also been named to Franchise Times Top 200 list.
Lapels Dry Cleaning has achieved acclaim in the dry cleaning industry. Lapels Dry Cleaning CEO Kevin Dubois is the co-author of Entrepreneurial Insanity in the Dry Cleaning Business.
Lapels Dry Cleaning corporate offices are located at 962 Washington Street, Hanover, MA 02339.
Additional information and up-to-date company news can also be found at www.mylapels.com.
About Greybull Stewardship - Unique, Long-Term Private Investors
Greybull Stewardship is a long-term oriented investment partnership that invests in exceptional small to medium-sized businesses. Its investments are usually in partnership with existing management teams that maintain significant equity ownership positions in their companies. Greybull Stewardship’s model allows companies to preserve their unique company cultures, keep strong relationships with customers and employees, pursue appropriate growth rates and exit on flexible time frames. More information is available at www.greybullstewardship.com.
Steven V. Dubin
SOURCE Lapels Dry Cleaning