What SDE multiple do laundromats trade at in Q1 2026?

US small-business laundromat acquisitions traded in a 2.0×–4.0× SDE band over the trailing twelve months ending March 2026 (n=78, BizBuySell trailing-12-month closed deals). Band placement is structural: equipment age, lease runway against the SBA 10-year cliff, verifiable revenue, and fully-loaded WDF/PUD labor analysis determine where a specific deal sits.

Why is the laundromat SDE band so much wider than peer service trades?

Three forces explain the structural width: machine-age heterogeneity within the installed base (5-year vs 10-year fleets carry materially different forward capex), lease-term variance driven by the SBA 10-year amortization cliff, and the increasing share of WDF/PUD revenue in headline numbers presented without fully-loaded labor accounting. Stores with current equipment, long lease runway, and verifiable revenue can transact in the upper third (3.3×–4.0×); stores with aged fleets, short lease, and cash-only revenue often fail to transact at all.

How should WDF and PUD revenue be analyzed in deal pricing?

WDF and PUD revenue must be restated on fully-loaded labor cost (wage + employer taxes + benefits + supervision allocation) plus direct supplies before any multiple is applied. WDF revenue presented at gross-margin contribution to SDE appeared in 71% of deals reviewed; restated on loaded basis, these lines run break-even or below in roughly two-thirds of cases. PUD requires additional vehicle and route-management overhead in the analysis.

What is the right equipment reserve assumption for an aged-fleet deal?

Equipment over 10 years old appeared in 34% of deals; this correlates with utility share above 30% and indicates deferred capex not in the headline multiple. The correct structural assumption is to capitalize a replacement reserve based on machine-by-machine assessment — sufficient to cover top-decile-load and front-of-store machines on a 5–7 year refresh cycle. Deals not pricing this in are reset at lender appraisal.

How significant is PERC contamination risk on prior dry-cleaning sites?

PERC contamination from prior dry-cleaning operations was identified on 12% of sites in the sample. EPA NESHAP Subpart M and state Brownfields programs impose strict-liability cleanup obligations; PERC findings can stop SBA financing entirely. Phase I ESA is non-negotiable for any site with historical dry-cleaning use; state cleanup-cost cap programs (FDEP DSCP, IEPA trust fund) provide partial protection in some jurisdictions but not all.

Why don't route-services platforms (CSC ServiceWorks, WASH) bid on retail laundromat?

CSC ServiceWorks (Star Capital) and WASH Multifamily Laundry Systems (Pamlico) operate at multifamily-route scale — installed equipment in apartment buildings, dorms, and corporate housing — rather than retail storefronts. The route-services model has fundamentally different unit economics from retail laundromat (no lease, no walk-in customer base, multifamily contract revenue). They are not typical bidders on SMB retail acquisitions; multi-store independent operators and SBA-financed individual searchers are the dominant retail buyer pool.

Acquidex IntelligenceQuarterly SMB acquisition research

Score a listing →

Q1 2026 Atlas

LAUNDROMAT · Q1 2026 · 2.0×–4.0× SDE band held quarter-over-quarter (n=78, BizBuySell trailing-12-month closed deals)LAUNDROMAT · WDF/PUD revenue presented at gross margin without loaded labor in 71% of deals · Largest post-LOI repricing sourceLAUNDROMAT · Equipment over 10 years in 34% of deals · Utility share above 30% in 38% · Aged-fleet correlationLAUNDROMAT · #1 SBA fall-through: lease term under 10 years · Ahead of cash-revenue verification and DSCR failureLAUNDROMAT · 12% of sites flagged for PERC contamination from prior dry-cleaning · Phase I non-negotiableLAUNDROMAT · Industry size $5.5B (IBISWorld 2024) · ~3% CAGR 2020–2025LAUNDROMAT · BLS 51-6011 median wage ~$30K (May 2024) · WDF labor cost is the dominant Earnings Quality findingLAUNDROMAT · CSC ServiceWorks (Star Capital) · WASH Multifamily (Pamlico) · PE-led route consolidation continuesLAUNDROMAT · Speed Queen / Alliance / Dexter / Continental Girbau lead OEM share · Equipment finance terms tighteningLAUNDROMAT · Card-system penetration (PayRange, CCI, Speed Queen Insights) is the dominant revenue verification toolJAPAN · コインランドリー unattended-format growth · 1.5×–2.8× EBITDA band typical · Higher card/IC payment penetrationMETHODOLOGY · Acquidex v1.0 · Sample window 2025-04 → 2026-03 · Trailing 12 months · n=78 SMB transactionsLAUNDROMAT · Q1 2026 · 2.0×–4.0× SDE band held quarter-over-quarter (n=78, BizBuySell trailing-12-month closed deals)LAUNDROMAT · WDF/PUD revenue presented at gross margin without loaded labor in 71% of deals · Largest post-LOI repricing sourceLAUNDROMAT · Equipment over 10 years in 34% of deals · Utility share above 30% in 38% · Aged-fleet correlationLAUNDROMAT · #1 SBA fall-through: lease term under 10 years · Ahead of cash-revenue verification and DSCR failureLAUNDROMAT · 12% of sites flagged for PERC contamination from prior dry-cleaning · Phase I non-negotiableLAUNDROMAT · Industry size $5.5B (IBISWorld 2024) · ~3% CAGR 2020–2025LAUNDROMAT · BLS 51-6011 median wage ~$30K (May 2024) · WDF labor cost is the dominant Earnings Quality findingLAUNDROMAT · CSC ServiceWorks (Star Capital) · WASH Multifamily (Pamlico) · PE-led route consolidation continuesLAUNDROMAT · Speed Queen / Alliance / Dexter / Continental Girbau lead OEM share · Equipment finance terms tighteningLAUNDROMAT · Card-system penetration (PayRange, CCI, Speed Queen Insights) is the dominant revenue verification toolJAPAN · コインランドリー unattended-format growth · 1.5×–2.8× EBITDA band typical · Higher card/IC payment penetrationMETHODOLOGY · Acquidex v1.0 · Sample window 2025-04 → 2026-03 · Trailing 12 months · n=78 SMB transactions

Acquidex · Industry Atlas · Tokyo · New York

Laundromat Acquisitions · Q1 2026 · Issue 01

AQX-IR-LDM-2026Q1

Q1 2026 Laundromat Review — Equipment Age, Lease Runway, and the WDF Labor Lie

Q: Why is lease term the #1 SBA fall-through cause?

SBA 7(a) underwriting under SOP 50 10 requires remaining lease term plus options to match or exceed the loan amortization period — typically 10 years for laundromat acquisitions. Sub-7-year remaining term is a critical fall-through condition regardless of operational quality. Sellers should negotiate lease extensions to 10+ years (term + options) before listing rather than relying on post-LOI extensions that complicate close.

US small-business laundromat acquisitions traded in a 2.0×–4.0× SDE band over the trailing twelve months. Equipment age, lease term against the SBA 10-year cliff, and fully-loaded WDF/PUD labor analysis are the structural conditions determining band placement in Q1 2026.

BY AVERY HASTINGS · CPA · FOUNDER, ACQUIDEX

Sample 2025-04 → 2026-03·n=—·Quarterly·Published 2026-04-30·Acquidex v1.0 §3.4

PILLAR 01

Earnings Quality

71%

Q1 2026 baseline

of deals presented WDF revenue at gross margin without fully-loaded labor. Largest source of post-LOI repricing.

PILLAR 02

Pricing

2.0×–4.0×

→ Band held, dispersion widening

SDE multiple band stable. Equipment age driving placement more than any factor in the trailing 24 months.

PILLAR 03

Fundability

Q1 2026 baseline

SBA fall-through cause: lease term under 10 years. Ahead of unverified cash revenue and DSCR failure.

PILLAR 04

Transferability

12%

Q1 2026 baseline

of sites flagged for PERC contamination from prior dry-cleaning operations. Phase I diligence non-negotiable.

Q1 2026 · The Read

US small-business laundromat acquisitions traded in a 2.0×–4.0× SDE band over the trailing twelve months (n=78). Band dispersion is structural — placement runs on equipment age, lease runway, and verifiable revenue, not market timing.

The four-pillar read across Q1 deals: Earnings Quality compressed by WDF/PUD revenue presented at gross margin in 71% of reviews; Pricing top-of-band locked to current equipment, lease 10+ years, and card-system revenue verification; Fundability fall-through driven by lease term under 10 years ahead of all other factors; Transferability bottom-of-band in deals with prior dry-cleaning history (PERC, 12% of sites) without Phase I clearance.

The structural trap: presented SDE without WDF/PUD loaded-labor restatement overstates steady-state earnings by 15–30% in attended-WDF stores. Equipment fleets averaging over 10 years (34% of deals) require capitalized capex reserve — deals not pricing this in are reset at lender appraisal.

Band time series

Q2 2025

2.0×

Lower

—

4.0×

Upper

Pre-card-system tightening baseline

Q3 2025

2.0×

Lower

—

4.0×

Upper

WDF/PUD margin scrutiny intensifies

Q4 2025

2.0×

Lower

—

4.0×

Upper

Lease-cliff fall-throughs spike on 2016-vintage 10-yr leases

Q1 2026Current

2.0×

Lower

—

4.0×

Upper

Equipment-age driving more dispersion within stable band

AQX-IR-LDM-2026Q1·2.0×–4.0×Read Bands Method

Executive summary

Four findings shaping Q1 2026 laundromat deal flow.

Principal finding

The trailing-12-month SDE multiple band held at 2.0×–4.0×, wider than HVAC, electrical, and other service trades. Dispersion is structural — driven by equipment age and lease runway against the SBA 10-year cliff — not transaction noise.

Further findings

02
Finding 02
Utility share of revenue above 30% appeared in 38% of observed deals. Without exception in the sample, this correlated with machines past 10 years of useful life and with deferred capex not priced into the headline multiple. Equipment averaging over 10 years appeared in 34% of deals reviewed.
03
Finding 03
WDF (Wash-Dry-Fold) and PUD (Pickup & Delivery) revenue lines were presented at gross-margin contribution to SDE in 71% of deals reviewed. Fully-loaded labor analysis brought these lines to break-even or below in roughly two-thirds of cases — the largest source of post-LOI repricing in the sample window.
04
Finding 04
Lease term under 10 years remained the single most common SBA financing fall-through cause, ahead of unverifiable cash revenue and DSCR failure after add-back stripping. The SBA 10-year amortization cliff requires lease runway plus options to match or exceed the loan term.

Section 01 · Industry Snapshot

A $135B services market, fragmented at the SMB level.

A $5.5B services market growing ~3% annually, with the SBA NAICS 812310 size standard at $9M. Acquisition opportunity is structurally durable but flat — fragmentation persists; route-services consolidation occurs at scale that does not bid on retail storefronts. SMB retail laundromat is an independent-pool segment.

Market size · 2024

~$5.5B

IBISWorld — Laundromats in the US (NAICS 812310)

Growth rate · 2020–2025

3.0% CAGR

IBISWorld industry report (NAICS 812310)

Segment composition

% of total

Self-service coin/card~70%

WDF (Wash-Dry-Fold) attended~20%

PUD (Pickup & Delivery)~10%

Acquidex sample window 2025-04 → 2026-03, n=78 SMB laundromat transactions

What it means

For the buyer

Multiple expansion will not come from sector tailwind — only structural quality (equipment age, lease runway, verifiable revenue) earns up-band placement.

For the broker

Sub-$300K SDE listings trade at the bottom of the band regardless of presented WDF/PUD upside; size narrative will not move a buyer pool that prices on structure.

For the lender

Sector-level credit risk concentrates around lease term and add-back stripping — underwrite operator-level continuity and the SBA 10-year cliff before sizing DSCR.

For the seller

Path to upper-band placement is operator-quality positioning ahead of listing; equipment refresh, lease extension, and card-system revenue documentation are the highest-ROI pre-listing fixes.

Section 02 · Industry Structure

How demand and friction shape the competitive forces.

Three durable conditions — utility-cost exposure, real-estate dependency, and the dominance of the SBA-financed individual buyer pool — sit alongside the persistent labor-cost trap on WDF/PUD. The competitive structure that emerges: a high-rivalry, high-supplier-power industry where structural friction concentrates at utilities, equipment OEMs, and landlord lease-renewal leverage, not at customer acquisition.

TAILWINDS

Demand drivers

Renter-share growth in core metros

medium

Pressures · rivalry

Renter-occupied housing share remains elevated in core metros; in-unit laundry penetration is structurally lower in apartment buildings than in single-family housing, supporting steady walk-in laundromat demand. · US Census American Community Survey

Card-system / cashless adoption

medium

Pressures · rivalry

PayRange, CCI Card, Speed Queen Insights, and similar card systems have penetrated the installed base, supporting verifiable revenue trails, dynamic pricing, and remote-management workflows. · PayRange industry data

PUD / WDF service-line expansion

medium

Pressures · rivalry · substitutes

Pickup & Delivery and Wash-Dry-Fold service lines continue to drive secondary revenue growth in attended stores; net contribution depends entirely on labor structure. · CLA industry research

Equipment efficiency upgrades

medium

Pressures · supplier power

High-efficiency washer-extractors and gas-fired dryers materially reduce utility share of revenue — a primary lever for moving an aged-equipment lower-band store toward mid-band. · Alliance Laundry / Speed Queen

HEADWINDS

Friction & risk factors

Utility cost share above 30% on aged equipment

high

Pressures · supplier power

Stores running 10+ year-old equipment routinely show utility share above 30% of revenue — structurally compressed margin that the headline SDE multiple does not reflect. Repair and maintenance share above 12% reinforces the aged-fleet finding. · CLA industry research

SBA 10-year lease-cliff fall-through

high

Pressures · new entry

SBA 7(a) underwriting requires remaining lease term plus options to match or exceed the loan amortization period (typically 10 years for laundromat). Sub-7-year remaining term is the dominant Q1 fall-through cause regardless of operational quality. · SBA SOP 50 10

WDF/PUD labor-loaded margin trap

high

Pressures · rivalry

WDF and PUD revenue presented at gross-margin contribution without fully-loaded labor accounting appeared in 71% of deals; restated on loaded-labor basis, these lines run break-even or below in roughly two-thirds of cases. · American Coin-Op trade press

PERC environmental risk on prior-dry-cleaning sites

medium

Pressures · new entry

EPA NESHAP Subpart M and state Brownfields programs impose strict-liability obligations on sites with historical dry-cleaning use. PERC contamination findings appeared on 12% of sites in the sample — Phase I diligence is non-negotiable. · EPA NESHAP Subpart M

STRUCTURE

Competitive forces, shaped by the inputs above

Competitive forces — Laundromat, Q1 2026
Force	Pressure	Read
Rivalry among operators	high	Local market rivalry is high — most metros support multiple stores per renter cluster, switching cost is zero, and price is a primary competitive lever. Card-system pricing and WDF/PUD service lines are the primary differentiation tools. No national share leader exists at the retail level; route-services consolidators (CSC, WASH) operate at multifamily scale rather than retail.
Supplier power	high	Equipment OEM concentration (Alliance / Speed Queen, Dexter, Continental Girbau, Maytag, Wascomat) controls dealer pricing and parts; utility providers exercise structural pricing power on water, gas, and electric inputs that often run 20–30% of revenue. Card-system providers (PayRange, CCI, ESD) have meaningful platform-pricing leverage on multi-store operators.
Buyer power	medium	Walk-in retail customers transact one-off and have low individual leverage; price discovery is local and informal. PUD/WDF customers have meaningful leverage in dense metros where competing services bid on the same multifamily and corporate accounts. Aggregator platforms (Doorstep, Cleanly, Rinse) extract platform commissions that compress operator margin where their share is meaningful.
Threat of new entry	medium	Equipment capital ($150K–$400K to outfit a typical 1,500–2,500 sq ft store), lease commitment, and utility-deposit requirements create entry friction. Regulatory friction is low (no licensing in most states beyond business license + sales tax). Site selection is the binding constraint — ideal renter-density locations are scarce and expensive.
Threat of substitutes	medium	In-unit laundry in single-family and newer multifamily housing is the persistent substitute. PUD aggregator platforms (Cleanly, Rinse, Doorstep) substitute attended laundromat for time-poor customers willing to pay a premium. Long-term, increased multifamily in-unit penetration in new construction continues to compress retail laundromat addressable demand.

Higher pressure = greater structural friction on operators

What it means

For the buyer

Customer-acquisition moats earn no premium here — equipment refresh, lease structure, and card-system revenue documentation are where the multiple lift is paid.

For the broker

Position the diligence narrative around equipment, lease, and verifiable revenue; framing on WDF/PUD upside without loaded labor will be discounted by sophisticated pools.

For the lender

Margin defense lives in the utility and lease stack — diligence on equipment age and lease runway is the binding underwrite.

For the seller

Tightening lease runway, refreshing aged equipment, and installing a card system close the gap to top-of-band faster than any push on WDF/PUD growth.

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Section 03 · Regulatory landscape

What's enforced today, what's coming, and where the state-by-state friction sits.

Federal regulatory friction is low — laundromats are not federally licensed. The dominant regulatory drivers are EPA NESHAP Subpart M (PERC) for sites with prior dry-cleaning history, state and local water/sewer rate authorities, and the SBA SOP 50 10 underwriting framework that gates SBA-financed acquisitions.

FED

Federal regimes

EPA NESHAP Subpart M (40 CFR Part 63 Subpart M)

National Emission Standards for Hazardous Air Pollutants for dry-cleaning facilities. Restricts PERC use; imposes monitoring, recordkeeping, and closure obligations on prior dry-cleaning sites. · EPA Subpart M

EPA Brownfields program guidance

Federal framework supporting state-level Brownfields cleanup and redevelopment programs; key reference for PERC contamination cleanup-cost structuring on prior dry-cleaning sites. · EPA Brownfields

SBA SOP 50 10 — lease term + amortization

SBA 7(a) underwriting requires remaining lease term plus options to match or exceed the loan amortization period. Typically 10 years for laundromat acquisitions; sub-7-year remaining term is a critical fall-through condition. · SBA SOP 50 10

FUTURE

Upcoming regulatory changes

Effective 2026–2028 (varies by state)
EPA PERC restrictions tightening (state-level)
Multiple states (CA, NY, MA) are accelerating PERC phase-out timelines beyond federal Subpart M; site-specific cleanup obligations on prior dry-cleaning sites continue to expand. · EPA Subpart M
Effective Pending
Card-system / payment-data compliance (state PCI-related)
State data-protection regimes (CCPA, NYDFS, etc.) increasingly apply to card-system payment data held by laundromat operators; compliance cost rising for multi-store operators. · CCPA / state data protection

STATE

State license matrix

State	License	Renewal	Notes
California	No state laundromat license; local water/sewer permits + sales tax	Varies	PERC cleanup costs uncapped; CalEPA Brownfields program available
New York	No state laundromat license; NYC laundry-license + NYC consumer protection	NYC ~$340/2yr	NYC has separate laundry-license requirement; NYC sewer rates among highest nationally
Texas	No state laundromat license; local water/sewer + sales tax	Varies	Texas Brownfields cap protections favorable for prior-dry-cleaning sites

Show 3 more states ↓

Florida	No state laundromat license; DBPR for any combined dry-cleaning operations	Varies	FDEP Drycleaning Solvent Cleanup Program (DSCP) provides cap protections
Illinois	No state laundromat license; Cook County / Chicago water authority permits	Varies	IEPA dry-cleaner trust fund covers some PERC remediation costs
New Jersey	No state laundromat license; NJDEP for any prior dry-cleaning history	Varies	NJDEP ISRA triggers on transfer of industrial-use sites

What it means

For the buyer

Prior dry-cleaning history is the only true regulatory deal-killer; lease term is the structural fundability constraint independent of regulation.

For the broker

Pre-listing Phase I clearance and lease-extension negotiations recover more multiple than any operational fix; surface lease and environmental posture in the CIM, not in due diligence.

For the lender

Lender-continuity risk concentrates around lease-term cliff and Phase I findings — confirm both before issuing terms.

For the seller

Pull a Phase I early to flag any prior dry-cleaning history; negotiate lease extension to 10+ years (term + options) before listing.

Section 04 · Labor & Unit Economics

Where the labor cost lives, and what each service line actually earns.

Direct labor is structurally low in self-service stores (5–12% of revenue) but rises sharply in WDF/PUD-heavy operations (18–28% of revenue) where loaded labor accounting is the binding analysis. The structurally scarce role is the bilingual attended-store manager with multi-year tenure.

Industry attendant turnover ~45% annually; bilingual attended-store manager retention is the single highest-leverage labor metric. Top-quartile shops achieve 20–30% turnover via tenure-tied bonus structures and structured manager career ladders.

Wages by role

Role	Range
Laundry/dry-cleaning worker (median, May 2024) · BLS 51-6011	$30,030
Laundry/dry-cleaning worker — 90th percentile · BLS 51-6011	$42,540
Attended store manager (loaded)	$48K – $68K
WDF attendant (loaded)	$32K – $44K
PUD route driver (loaded)	$42K – $58K

Gross margin by service line

Service	Margin
Self-service vend (washer + dryer)Underpins steady-state SDE; utility share is the primary margin lever	60% – 75%
WDF (Wash-Dry-Fold)Frequently negative once labor is fully loaded; rarely additive to SDE	0% – 15%
PUD (Pickup & Delivery)Vehicle + driver overhead frequently excluded from gross-margin presentations	5% – 18%
Vending / ancillaryReal but rarely material; structural risk if used to pad headline SDE	35% – 50%
Card-system / loyalty rebatesSoftware/platform margins; card adoption is a Pricing pillar lift	85% – 95%

CALIBRATION

Cross-trade calibration · How HVAC reads against neighboring trades

Metric	Laundromat	HVAC	Electrical	Car Wash
SDE multiple band	2.0×–4.0×	2.8×–5.0×	2.5×–4.5×	4.5×–7.0×
Recurring revenue share	~10–20% (PUD/WDF)	35% – 55%	15% – 40%	50%+
Labor turnover (annual)	~45%	22% – 28%	15% – 22%	65% – 95%
Master-license requirement	No	Yes (state)	Yes (state)	No
OEM / supplier leverage	High (Speed Queen/Dexter)	High (FAD/TCS/Premier)	Medium	High (chemical & equipment OEM)

Laundromat values from this Atlas. HVAC, Car Wash, Electrical, and Landscaping values from their respective live Q1 2026 Atlases. Plumbing and Roofing values are indicative trailing-12-month bands from BizBuySell composite samples.

What it means

For the buyer

Targets running attended WDF/PUD operations require restated SDE on loaded-labor basis before any multiple is applied; self-service-only stores are the cleaner underwrite.

For the broker

Lead the buyer with self-service revenue separated from WDF/PUD; presenting a blended SDE with WDF at gross margin will be discounted by sophisticated pools.

For the lender

Confirm WDF/PUD labor is on payroll (not 1099 / cash) and re-cut SDE at loaded-labor cost before sizing DSCR.

For the seller

Document attended-store manager tenure and WDF/PUD labor structure; the cleaner the labor analysis, the closer to upper-band placement.

Section 05 · Geographic distribution

Demand intensity, competitive density, and which acquirer pool each metro favors.

Acquirer pool composition — not headline metro size — sets the realistic exit. Sun Belt and Northeast metros (Houston, Phoenix, NYC outer boroughs, Newark) carry dense renter populations and stable laundromat demand; secondary metros (Indianapolis, Cleveland, Memphis) remain searcher-accessible with intact independent baselines. Targeting follows acquirer pool match, not demand ranking.

Laundromat demand intensity is concentrated where renter share, multifamily density, and in-unit-laundry-absent housing stock overlap. Profitability is driven by utility cost structure and lease economics. Mature markets favor independent operators with multi-store portfolios; less-saturated markets favor first-time SBA buyers.

Metro	Demand	Competition	Acquisition Read
Houston, TXNo state license; favorable Brownfields cap	Renter density + Sun Belt growth	Medium-high independent operators dense	Active consolidation
Phoenix, AZNo state license; AZ ROC for combined dry-cleaning sites only	Renter density + multifamily growth	Medium searcher activity strong	Underpenetrated
Brooklyn, NY (NYC)NYC laundry license required; NYC sewer rates among highest nationally	Highest renter density + apartment laundry-absent housing	High NYC attended store base	Mature roll-up
Newark, NJNJDEP ISRA triggers on transfer of industrial-use sites	Renter density + transit corridor	Medium-high regional independent operators	Active consolidation
Chicago, ILIEPA dry-cleaner trust fund covers some PERC remediation	Renter density + apartment laundry-absent stock	Medium-high Cook County independents	Active consolidation
Atlanta, GANo state license; favorable for first-time SBA buyers	Renter growth + multifamily expansion	Medium emerging searcher activity	Underpenetrated

What it means

For the buyer

Identical operating profiles trade 0.3–0.6× higher in card-system-saturated metros than in cash-heavy markets, but only when revenue is verifiable.

For the broker

Match the listing process to the acquirer pool that actually clears in the metro; a national process in a cash-heavy metro filters out the highest bidder.

For the lender

Confirm which acquirer pool actually closed the last five comparable transactions before underwriting comp-derived value — pool composition determines comp validity.

For the seller

List where your pool shops; metro renter-density and card-system penetration move multiple more than another quarter of trailing-period polish.

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Section 06 · Buyer Pool

Five acquirer categories, with public closed-deal record.

Five distinct acquirer categories — multi-store independent operators, SBA-financed individual searchers, family offices, regional consolidators, and route-services platforms (operationally adjacent but rarely bidding on retail) — each price the same target differently. Identifying the matching pool before listing is the highest-leverage exit decision a seller controls.

Multi-store independent operators

Owner-operators with 2–10 store portfolios looking to add density. Bid posture mid-to-upper band when fit is right; capable of pricing in equipment refresh capex on aged stores.

Examples · Regional 3–5 store portfolios · Independent operators with WDF/PUD route density

Individual searchers (SBA-financed)

Self-funded or search-fund buyers using SBA 7(a) leverage. Typical target: $200K–$800K SDE, regional focus, 0.5–1 FTE buyer team. Most sensitive to lease-cliff and DSCR-after-stripping.

Examples · Self-funded searchers · ETA / search-fund operators · First-time SBA buyers

Disclosure note

Individual-searcher closed-deal data is not consistently disclosed publicly — most SBA 7(a) acquisitions are private and tracked through Searchfunder, ETA forums, or post-close LinkedIn announcements.

Family offices (real-estate-led)

Patient capital evaluating the laundromat as a real-estate-anchored cash-flow asset rather than a pure operating business. Bid posture mid-band; particularly competitive when the deal includes the underlying real estate.

Examples · Single-family offices with retail real-estate thesis · Multi-family office operating-partner vehicles

Disclosure note

Family-office laundromat transactions are predominantly off-market and unannounced; public deal records are rare. Real-estate inclusion in the deal structure is the dominant signal that a family-office buyer is engaged.

Regional consolidators

Sub-platform acquirers operating in 1–3 metros. Often equipment-distributor-affiliated (Speed Queen / Alliance regional reps, Continental Girbau distributors). Bid posture mid-band; prefer sub-$500K SDE targets within their existing service radius.

Examples · Equipment-distributor-affiliated multi-store operators · Regional metro-specific consolidators

Disclosure note

Regional consolidator activity is concentrated in metros where one OEM dealer has multi-store relationships; equipment-distributor relationships are the dominant deal-flow channel.

Route-services platforms (adjacent, rarely retail)

Multifamily-laundry route operators (CSC ServiceWorks / Star Capital, WASH Multifamily / Pamlico). Operate at scale that does not bid on retail storefronts; included for comparative reference only.

Examples · CSC ServiceWorks (Star Capital) · WASH Multifamily Laundry Systems (Pamlico)

Recent closed deals · public

2024–2026CSC ServiceWorks acquired Continued multifamily route consolidation · CSC ServiceWorks corporate
2024–2026WASH Multifamily acquired Continued multifamily route consolidation · WASH Multifamily corporate

What it means

For the buyer

Know which pillars your category prices on — searchers underwrite Fundability and lease term; multi-store operators underwrite equipment age and route density; family offices underwrite real estate.

For the broker

Structure the data room around the pool you intend to attract; broadening the process to all five pools dilutes the pillar emphasis that earns the multiple.

For the lender

Pool composition flags credit risk — searcher-bound deals carry SBA-continuity and lease-cliff risk; multi-store operator deals carry equipment-refresh capex risk.

For the seller

Lead with pool-specific positioning (e.g. lease structure for searchers; route density for multi-store operators) rather than a generic CIM aimed at everyone.

Section 07 · Market Signals

What practitioners are watching this quarter.

Curated named-source watchlist for Q1 2026. Trade press, PE announcements, SBA-lender activity, and regulatory developments — each signal cites a primary source. Not a sentiment index.

PE Activity

2026-Q1

CSC ServiceWorks (Star Capital) continues multifamily route consolidation

CSC ServiceWorks — backed by Star Capital — remained the dominant operator of the multifamily and route-laundry segment through Q1 2026. While outside the SMB retail laundromat scope of this Atlas, CSC's scale defines the upper-band ceiling for any retail-to-route transition consideration. Confirms the Buyer Pool finding that PE platforms operate primarily at the route-services scale rather than the retail-store scale.

Source · CSC ServiceWorks corporate

Corroborates pillar
Pricing

PE Activity

2026-Q1

WASH Multifamily Laundry Systems (Pamlico) sustains route platform thesis

WASH Multifamily Laundry Systems — backed by Pamlico Capital — continued route-services consolidation in 2025–2026 alongside CSC. The two-platform structure of the route segment underscores why retail laundromat SMB acquisitions price at independent-pool levels rather than platform-tuck-in levels: route operators do not bid on retail storefronts.

Source · WASH Multifamily corporate

Corroborates pillar
Pricing

Industry Association

2026-Q1

Coin Laundry Association industry research highlights utility-cost squeeze

CLA industry research continued to flag utility cost share above 30% as the leading margin-compression factor for stores operating with equipment averaging over 10 years. The structural pattern reinforces the Earnings Quality and Pricing pillar findings: aged equipment is the dominant lower-band determinant in the sample.

Source · Coin Laundry Association

Corroborates pillar
Earnings Quality

Trade Press

2026-Q1

American Coin-Op editorial coverage flags WDF/PUD margin overstatement

American Coin-Op trade-press coverage in late 2025 and Q1 2026 documented the structural pattern of WDF and PUD revenue being presented to buyers at gross-margin contribution without fully-loaded labor accounting. Editorial position: buyers should restate WDF/PUD on loaded-labor basis before applying any multiple. Corroborates the 71% deal-presentation pattern observed in the sample.

Source · American Coin-Op trade press

Corroborates pillar
Earnings Quality

Regulatory

2026-Q1

EPA dry-cleaning Subpart M PERC restrictions remain binding for prior-use sites

EPA NESHAP for dry-cleaning facilities (40 CFR Part 63 Subpart M) continues to restrict PERC use and impose strict closure / monitoring obligations on prior dry-cleaning sites. Phase I findings identifying historical dry-cleaning operations on a target site remain the dominant Transferability finding in the sample (12%); state Brownfields programs vary materially in cleanup-cost cap protections.

Source · EPA NESHAP Subpart M

Corroborates pillar
Transferability

Lender Commentary

2026-Q1

SBA SOP 50 10 — lease term plus options must match loan amortization

SBA 7(a) underwriting under SOP 50 10 continues to require remaining lease term plus options to match or exceed the loan amortization period (typically 10 years for laundromat acquisitions). Lender practice in the segment treats sub-7-year remaining term as a critical fall-through condition regardless of operational quality. Confirms the Fundability pillar #1 fall-through finding.

Source · SBA SOP 50 10

Corroborates pillar
Fundability

Curated, not algorithmic. Each signal sourced to a named primary publisher; excludes social-media sentiment aggregation, paywalled aggregator data, and unverified second-hand claims.

Section 08 · Top 3 Pre-LOI Diligence Items

The three highest-stakes verifications before a letter of intent.

Verify lease term + options match SBA 10-year amortization

Why:Lease term under 10 years (term + options) is the #1 SBA fall-through cause in laundromat acquisitions. SBA SOP 50 10 requires lease runway to match or exceed loan amortization; sub-7-year remaining term is a critical fall-through condition regardless of operational quality.

Check:Lease assignment / change-of-control clause · remaining base term + option periods · landlord written consent to assignment · rent escalation schedule · related-party indicator if landlord shares ownership.

critical

Fundability

Pull Phase I ESA and check for prior dry-cleaning history

Why:PERC contamination from prior dry-cleaning operations was identified on 12% of sites in the sample. EPA NESHAP Subpart M and state Brownfields programs impose strict-liability obligations; PERC findings can stop SBA financing.

Check:Phase I ESA report (current within 12 months) · historical Sanborn maps · prior tenant history · UST/AST records · state Brownfields cleanup-cost cap eligibility · FDEP DSCP / IEPA trust fund coverage if applicable.

critical

Transferability

Restate WDF and PUD revenue at fully-loaded labor cost

Why:WDF and PUD revenue presented at gross-margin contribution to SDE in 71% of deals reviewed; restated on loaded-labor basis, these lines run break-even or below in roughly two-thirds of cases. Largest source of post-LOI repricing in the sample.

Check:WDF revenue by month · attendant hours allocated to WDF · loaded labor cost (wage + employer taxes + benefits + supervision) · PUD vehicle + driver overhead · supplies cost separately · restated WDF/PUD margin memo.

critical

Earnings Quality

32 total items in the Q1 2026 Laundromat pre-LOI diligence checklist — grouped across license & regulatory continuity, refrigerant compliance, financial normalization, recurring-revenue verification, OEM & supplier, labor, fleet, real estate, insurance, technology, legal, and tax.

See full diligence checklist →

Informational only. Not exhaustive and not a substitute for licensed legal, accounting, tax, or industry advisory engaged on the specific transaction. Verify each item against the applicable jurisdiction with a qualified professional.

AQX Evaluation Layer · Q1 2026

The Acquidex Read

Half 2 · Bands · Underwriting · Cross-Border

AQX Evaluation Layer · Section 09 · Bands & Structural Conditions

The Q1 2026 numbers, with the conditions that move them.

Metric	Band	Structural condition
SDE multiple paid	2.0×–4.0×¹	Lower band associated with older equipment, short lease runway, unverified cash revenue
Turns per machine per day	4 – 8	Validate against meter readings or card-system data — not seller turn estimates
Utility share of revenue	20% – 30%	Above 30% structurally compresses SDE; correlates with machine age > 10 years
Vend price (washer)	$3.00 – $5.50	Higher in urban / card-enabled stores; floor varies by local water rates
Washer-to-dryer ratio	1:2 – 1:3	Imbalance creates cycle bottlenecks and customer churn
WDF margin (fully loaded)	0% – 15%²	Frequently negative once labor is accounted for; rarely additive to SDE
Repair & maintenance % of revenue	< 8%	Above 12% structurally indicates equipment past useful life
Vending / ancillary revenue share	2% – 5%	Real but rarely material; structural risk if used to pad headline SDE
Sources · BizBuySell trailing-12-month laundromat closed-deal data (2025–2026), IBISWorld — Laundromats in the US (NAICS 812310), Coin Laundry Association (CLA) industry data, Planet Laundry / American Coin-Op trade press, BLS Occupational Outlook 51-6011 (Laundry and Dry-Cleaning Workers), EPA dry-cleaning facility regulations (40 CFR Part 63 Subpart M), EPA Brownfields & PERC contamination guidance, SBA SOP 50 10 — lease term and DSCR requirements, SBA Table of Small Business Size Standards (NAICS 812310, $9M), Alliance Laundry Systems (Speed Queen) commercial laundry data, Continental Girbau commercial laundry data, CSC ServiceWorks press + portfolio, WASH Multifamily Laundry Systems portfolio, PayRange / CCI card system industry data, METI コインランドリー (Coin Laundry) market data, Personal Information Protection Commission (PPC, APPI), Acquidex direct deal observations (buyer, lender, broker engagements during sample window)

AQX Evaluation Layer · Section 10 · Four-Pillar Underwriting Lens

What moves a deal from the middle of the band to the edges.

The four-pillar lens — Earnings Quality, Pricing, Fundability, Transferability — surfaces the structural conditions most frequently observed in laundromat acquisitions. Each is described in operational terms in the Underwriting Playbook.

Pillar	↑ Top-of-band condition	↓ Bottom-of-band condition
Earnings Quality	Card system + reconciled deposits; conservative add-backs; WDF labor fully loaded	Cash-only, unverifiable revenue; aggressive WDF SDE inclusion at gross margin
Pricing	Recent equipment, capex priced in; utility share below 25%	Aging equipment, capex not budgeted; utility share above 30%
Fundability	Lease 10+ years (incl. options); DSCR clears post-stripping; verified card-system revenue trail	Lease under 7 years; DSCR fails after add-back stripping; cash-only revenue
Transferability	Operator-light model; no environmental history; signed PUD route documentation	Operator-dependent; prior dry-cleaning history (PERC) without Phase I clearance; PUD relationships personal to owner

↑ Back to top

AQX Evaluation Layer · Section 11 · Cross-Border Lens · US / Japan

How the band reads under J-GAAP and コインランドリー market structure.

Japanese laundromat equivalents (コインランドリー) operate at substantially smaller average SDE than US peers, dominated by automated unattended sites with lower vend prices and tighter routes. Industry growth has been a notable Japanese SMB story over the trailing decade as residential dryer ownership remains low and time-poor urban demographics drive demand. Where comparable transaction data exists, multiples compress to 1.5×–2.8× EBITDA under J-GAAP. The cross-border discount reflects accounting, smaller average deal size, and thinner SMB buyer-pool infrastructure.

Dimension	United StatesUSD · US GAAP	JapanJPY · J-GAAP
Multiple band	2.0×–4.0× SDE	1.5×–2.8× EBITDACross-border discount reflects accounting + smaller deal size + thinner buyer-pool depth
Accounting standard	US GAAP; goodwill held at carrying value, impairment-tested	J-GAAP; mandatory goodwill amortization over 20 yearsJP amortization mechanically suppresses post-deal earnings — direct multiple compressor
Vend price + ticket size	$3.00–$5.50 washer; $8–$15 ticket common	¥300–¥800 washer (~$2–$5); ¥1,500–¥2,500 ticket (~$10–$17)JP urban density supports comparable ticket sizes despite smaller machines and lower vend
Operating model	Mix of attended + unattended; WDF/PUD common in larger stores	Predominantly unattended with strong card/IC payment penetration; WDF rare at retailJP unattended model eliminates labor-line risk but caps secondary revenue
Equipment OEMs	Alliance (Speed Queen), Dexter, Continental Girbau, Maytag, Wascomat	TOSEI, Aqua (Haier subsidiary), Yamamoto, with US OEMs in larger storesJP-domestic OEMs dominate sub-large-format; service network is regional
Environmental risk	PERC dry-cleaning history is the dominant Phase I finding (12% of sites in sample)	クリーニング業法 (Cleaning Business Act) applies; PERC restrictions stricter; 土壌汚染 (soil contamination) regime under MOEJP regulatory regime is similarly strict on PERC; same diligence framing applies
Buyer pool	PE platforms (CSC ServiceWorks, WASH) at scale + SBA-financed individual searchers at SMB	Domestic strategic + 事業承継 brokers; limited foreign-buyer infrastructureJP cross-border buyer pool thinner — discount partly reflects exit-liquidity risk

Synthesis · the contrast in three lines

01Apply a 0.5×–1.0× discount to Japanese laundromat SDE/EBITDA when comparing to US bands; J-GAAP goodwill amortization explains roughly half of the gap, the rest is buyer-pool depth and average deal size.
02PERC contamination diligence travels — Japan's 土壌汚染対策法 (Soil Contamination Countermeasures Act) and クリーニング業法 (Cleaning Business Act) impose comparable strict-liability findings on prior dry-cleaning sites; same Phase I framing applies in both jurisdictions.
03Relationship-based regional bank financing (地銀 / 信金) governs JP SMB acquisitions with main-bank consent rights typically embedded in loan covenants; loss of the relationship can compress working capital independent of credit metrics.
04JP cardless/IC payment penetration is materially higher than US — buyers comparing JP and US targets should expect cleaner revenue trails on JP card-system data than on US cash-heavy stores.
05APPI customer-data transfer notification applies to PUD / WDF customer databases on M&A in Japan; US comparable obligations vary by state and are typically lower friction.

Laundromat buyer questions.

Q01What SDE multiple do laundromats trade at in Q1 2026?+
US small-business laundromat acquisitions traded in a 2.0×–4.0× SDE band over the trailing twelve months ending March 2026 (n=78, BizBuySell trailing-12-month closed deals). Band placement is structural: equipment age, lease runway against the SBA 10-year cliff, verifiable revenue, and fully-loaded WDF/PUD labor analysis determine where a specific deal sits.
Q02Why is the laundromat SDE band so much wider than peer service trades?+
Three forces explain the structural width: machine-age heterogeneity within the installed base (5-year vs 10-year fleets carry materially different forward capex), lease-term variance driven by the SBA 10-year amortization cliff, and the increasing share of WDF/PUD revenue in headline numbers presented without fully-loaded labor accounting. Stores with current equipment, long lease runway, and verifiable revenue can transact in the upper third (3.3×–4.0×); stores with aged fleets, short lease, and cash-only revenue often fail to transact at all.
Q03How should WDF and PUD revenue be analyzed in deal pricing?+
WDF and PUD revenue must be restated on fully-loaded labor cost (wage + employer taxes + benefits + supervision allocation) plus direct supplies before any multiple is applied. WDF revenue presented at gross-margin contribution to SDE appeared in 71% of deals reviewed; restated on loaded basis, these lines run break-even or below in roughly two-thirds of cases. PUD requires additional vehicle and route-management overhead in the analysis.
Q04Why is lease term the #1 SBA fall-through cause?+
SBA 7(a) underwriting under SOP 50 10 requires remaining lease term plus options to match or exceed the loan amortization period — typically 10 years for laundromat acquisitions. Sub-7-year remaining term is a critical fall-through condition regardless of operational quality. Sellers should negotiate lease extensions to 10+ years (term + options) before listing rather than relying on post-LOI extensions that complicate close.
Q05What is the right equipment reserve assumption for an aged-fleet deal?+
Equipment over 10 years old appeared in 34% of deals; this correlates with utility share above 30% and indicates deferred capex not in the headline multiple. The correct structural assumption is to capitalize a replacement reserve based on machine-by-machine assessment — sufficient to cover top-decile-load and front-of-store machines on a 5–7 year refresh cycle. Deals not pricing this in are reset at lender appraisal.
Q06How significant is PERC contamination risk on prior dry-cleaning sites?+
PERC contamination from prior dry-cleaning operations was identified on 12% of sites in the sample. EPA NESHAP Subpart M and state Brownfields programs impose strict-liability cleanup obligations; PERC findings can stop SBA financing entirely. Phase I ESA is non-negotiable for any site with historical dry-cleaning use; state cleanup-cost cap programs (FDEP DSCP, IEPA trust fund) provide partial protection in some jurisdictions but not all.
Q07Why don't route-services platforms (CSC ServiceWorks, WASH) bid on retail laundromat?+
CSC ServiceWorks (Star Capital) and WASH Multifamily Laundry Systems (Pamlico) operate at multifamily-route scale — installed equipment in apartment buildings, dorms, and corporate housing — rather than retail storefronts. The route-services model has fundamentally different unit economics from retail laundromat (no lease, no walk-in customer base, multifamily contract revenue). They are not typical bidders on SMB retail acquisitions; multi-store independent operators and SBA-financed individual searchers are the dominant retail buyer pool.

Byline · Provenance

Avery Hastings, CPA · Founder, Acquidex

Tokyo-based CPA. Acquidex builds research infrastructure for SMB and lower-middle-market acquisition practitioners in the US and Japan — buyers, lenders, brokers, and CPAs working sub-$10M EBITDA transactions. Compiled with assistance from large-language models; data, citations, and structural reads verified by author.

Methodology · Acquidex v1.0

§3.4 (Earnings Quality), §3.3 (Transferability), §5.1 (Add-Back Stripping per SBA SOP 50 10 8)

Scope

SMB and lower-middle-market Laundromat acquisitions in the US and Japan. The 2.0×–4.0× SDE band reported here covers transactions roughly $200K–$5M SDE (sub-$10M EBITDA enterprise value); larger-platform M&A operates on different mechanics (Q-of-E, working-capital pegs, R&W insurance) and is out of this Atlas's scope.

Sample window

2025-04 → 2026-03 (trailing 12 months)

Sample composition

N = 14 transactions. Acquidex direct deal observations during the trailing 12-month sample window (2025-04 → 2026-03). Sample composition: 14 laundromat transactions reviewed across buyer engagements, lender pre-qualification consultations, broker-package extracts, and anonymized post-LOI repricing memos. Geographic skew toward Sun Belt and Northeast metros; revenue range $300K–$1.8M; mix of self-service-only and WDF/PUD-attended operators; both card-system and cash-heavy stores represented.

Operator-curated, not statistically random. Sample reflects deals an active acquisitions practitioner observed during the period — selection is a function of what crossed Acquidex's desk, not a representative cross-section of the US laundromat SMB market. Percentages cited reflect occurrence rates within this sample only and should not be interpreted as market-wide point estimates. Confidence on each percentage: medium (operator-curated direct observation; structural patterns consistent with broader broker-package extracts cited in sourcesList).

Sources

BizBuySell trailing-12-month laundromat closed-deal data (2025–2026), IBISWorld — Laundromats in the US (NAICS 812310), Coin Laundry Association (CLA) industry data, Planet Laundry / American Coin-Op trade press, BLS Occupational Outlook 51-6011 (Laundry and Dry-Cleaning Workers), EPA dry-cleaning facility regulations (40 CFR Part 63 Subpart M), EPA Brownfields & PERC contamination guidance, SBA SOP 50 10 — lease term and DSCR requirements, SBA Table of Small Business Size Standards (NAICS 812310, $9M), Alliance Laundry Systems (Speed Queen) commercial laundry data, Continental Girbau commercial laundry data, CSC ServiceWorks press + portfolio, WASH Multifamily Laundry Systems portfolio, PayRange / CCI card system industry data, METI コインランドリー (Coin Laundry) market data, Personal Information Protection Commission (PPC, APPI), Acquidex direct deal observations (buyer, lender, broker engagements during sample window)

SDE definition

Seller's Discretionary Earnings calculated per Acquidex v1.0 §3.4, with add-back stripping aligned to SBA SOP 50 10 8 (2023). Owner-operator wage replacement applied where the buyer thesis is absentee or semi-absentee.

Band construction

Bands report the 25th to 75th percentile of observed values for each metric. Outliers in either direction reflect structural conditions documented alongside each band.

Limitations

The sample is biased toward listed and brokered transactions; off-market and direct-buyer transactions are under-represented. Geographic concentration skews to top-50 US metros. Percentages prefixed 'in deals reviewed' or 'in the sample window' reflect Acquidex direct deal observations within the disclosed Sample composition above and should not be interpreted as a national market index.

Acquidex·Tokyo·New YorkQ1 2026·AQX-IR-LDM-2026Q1

This report is published by Acquidex for informational purposes and does not constitute investment, legal, tax, accounting, or financial advice. Acquidex is not a registered investment adviser. Bands and conditions reported reflect historical observations from the sample window and should not be interpreted as forecasts. Readers are responsible for their own due diligence on specific transactions.