KANSAS CITY, Mo. — City Capital Corp. has completed the first acquisition for its City Laundry LLC subsidiary. The 2,000-square-foot coin laundry has annual revenues of approximately $108,000.
City Capital’s mission is to create positive change and self-sufficiency through “socially-conscious investing that empowers communities.” These initiatives include the development and production of biofuels, building affordable homes for working-class families, and the funding and acquisition of local businesses that support community jobs.
“Even though this first acquisition is a small mom-and-pop operation, we believe that the cleaners industry is advantageous for the company,” says Ephren W. Taylor II, chief executive officer of City Capital. “It is a fragmented industry, yet it has a proven history of weathering, even thriving, in economic downturns like we see today.”
City Capital is the managing partner of City Laundry, jointly owned by several of the company’s self-directed investor-clients. The company’s coin laundries will operate under the name City Laundry, while the drycleaners will be named Express Cleaners.
City Laundry is also in negotiations to close on 14 other coin laundries and drycleaners in the Kansas City area.
“According to the Small Business Administration (SBA), these businesses have a 98% success rate nationwide, and they historically provide investors from 25% to 50% returns in all economic climates,” Taylor says. “That translates into reliable cash flow for the company and a strong, stable job source within the community.”