ByNext Expands Globally With Acquisition of Leading UK Tech-Enabled Laundry Services Company Love2Laundry
Expands Into the International Markets and its Service Offerings.
NEW YORK, October 18, 2023 (Newswire.com) - New York-based ByNext, a leading tech-enabled company providing eco-friendly clothing and premises cleaning services, has acquired Love2Laundry, the UK's third largest tech-enabled laundry startup, marking ByNext's first international expansion.
The move is part of the ByNext strategy to expand its omni-services and omni-channel business both organically and through roll-ups within the United States and globally. The acquisition of Love2Laundry further reinforces its direction towards establishing itself as a global leader in the tech-enabled, home and business services marketplace. The alignment of both companies' commitments of providing an exceptional customer experience, through the acquisition, paves the way for even more innovation and a wider reach of services, which is set to make everyday life that much easier for customers.
Kam Saifi, CEO of ByNext, comments on the acquisition:
“We consider the Love2Laundry acquisition strategic for many reasons. In addition to having complementary technology to the ByNext platform, we will onboard a management team with a wealth of experience in the operation and marking of laundry services in the international arena as well as gaining immediate market penetration in the UK market. The Love2Laundry team has implemented a very low-cost operation relative to the rest of the marketplace. We are confident we are able to adopt these processes into the ByNext operation and further improve the company’s operational and financial efficiencies. Love2Laundry will also be a launch pad for ByNext to extend its broad portfolio of services to other markets outside of the US. Nadeem Abbas, the Love2Laundry founder and CEO, will assume the role of Chief Marketing Officer and the head of International Operation at ByNext. Nadeem is a visionary with a successful execution track record. My team and I are welcoming Nadeem aboard and are excited to work with him to achieve our goals.”
The acquisition of Love2Laundry will enable ByNext to expand its omni-service, omni-channel execution strategy beyond the US market quickly. It will also allow the company to further improve its already attractive financial performance.
Nadeem Abbas, Founder and CEO of Love2Laundry, said:
“Today marks a pivotal moment in Love2Laundry's journey as we merge with ByNext, a leader in the tech-enabled home services space. This merger, a testament to our collective strength and shared vision, embarks on a path of unprecedented growth and innovation, leveraging ByNext's advanced cloud-based platform to elevate the services we offer to our customers.
"As I continue to lead the ByNext international arm under the Love2Laundry brand, our mission remains clear: to foster innovation and deliver unparalleled service, offering more value to our shareholders while embracing the numerous opportunities this collaboration unveils. As we stand at the threshold of a new era, I am filled with gratitude for our dedicated team, loyal customers, and supportive shareholders. Our focus now is on a seamless integration, fostering synergies that promise substantial value creation and ushering in a future that redefines what is possible in the on-demand laundry and dry-cleaning sector globally. I look forward to working closely with Kam Saifi and the ByNext team as we steer towards a future replete with opportunities and a commitment to excellence. Here's to forging a new path, grounded in unity and a shared vision for a brighter tomorrow.”
Mirco Bulega, a distinguished hedge fund manager and investor in Love2Laundry, remarked, "As someone who's experienced Love2Laundry's service first hand, this merger speaks volumes about its efficiency and potential. I'm thrilled to see how ByNext integrates this expertise in its global strategy."
The company has already begun to integrate their operation, platform and marketing processes and expect to complete this effort by early 2024.
About ByNext
ByNext is the leading tech-enabled, omni-channel clothing and premise cleaning and care provider, offering sustainable value chain and exclusively environmentally-friendly dry cleaning, laundry, residential and commercial cleaning as well as other complementary services for individuals and businesses. It offers its services in the New York, Los Angeles, and Washington, D.C. metropolitan markets. ByNext's omni-channel business model includes its unique and superior technology platform as well as 25 service hubs whereby the company has been able to localize customer experience and order deliveries, achieving the lowest CAC and highest gross margin in the marketplace. ByNext also owns and operates other brands, such as Madame Paulette - "The World's Premier Couture Care Concierge" providing an exceptional experience for the wealthy and affluent customers as well as major fashion houses. For more information about ByNext, please visit: LinkedIn, Instagram, Twitter or www.bynext.co.
About Love2Laundry
Love2Laundry has been helping customers keep on top of their laundry loads since 2014. Since its initial launch in London, the service has expanded to operational in Manchester, Birmingham, Bolton, Bury, and Oxford within the UK and also six international countries. The Love2Laundry platform allows customers to manage their laundry, ironing, and evening alternation needs via the simple-to-use app and website. Meeting the demands of busy lives, Love2Laundry is ideal for anyone from student households to busy families. Love2Laundry's commercial offering also makes daily tasks easier and more affordable for clients, helping companies also meet their sustainability goals by brand association. To learn more, visit www.love2laundry.com.
Media Contact: press@bynext.co
Source: ByNext