MarketWatch:
Redishred Capital Corp is pleased to announce that it has completed the acquisition of the Proshred New York City business from an existing franchisee for an aggregate purchase price of $2,569,000.
With this acquisition, Redishred will operate its fourth corporately owned location under the PROSHRED(R) banner.
Redishred has drawn from its line of credit facility and has obtained vendor financing related to the purchase of the New York City assets.
In conjunction with the purchase of the business, the exiting franchisee will withdraw from the legal complaint that they and three other franchisees filed against Redishred’s subsidiary in June 2010.
The Proshred New York City business has 7 trucks in operation and services over 500 scheduled customers in the 5 boroughs of New York as well as Long Island and the Northern Suburbs of Westchester, Rockland, Putnam and Dutchess.