BOSTON & COLUMBUS, Ohio–(BUSINESS WIRE)–Audax Private Equity (“Audax”) announced a strategic growth investment in Salon Lofts (“the Company”), one of the largest developers and operators of company-owned salon suites. This investment will support Salon Lofts in its mission to provide Beauty Care Professionals (“BCPs”) with the individual space and value-add services to support and grow their own businesses outside of the traditional salon model, allowing them to become Loft Owners.
Based in Columbus, Ohio, Salon Lofts has over 210 stores across 10 states, and provides nearly 5,500 Loft Owners access to private salon suites. The unique salon-suite model empowers BCPs to operate their own businesses, set their own hours and pricing, use their own preferred products, and ultimately retain more profits. Additionally, the salon-suite model provides BCPs with access to value-add services and support, including booking and client-management support, social media coaching, and educational events.
Steve Schillinger, CEO of Salon Lofts, said, “We are thrilled to partner with Audax and look forward to benefitting from their deep expertise with both consumer and multi-site business models. This partnership will allow us to meet the growing demand from BCPs to become their own business owners. With the support of Audax, we will continue to expand our salon footprint through acquisition, new unit openings and service offerings. Moreover, we will maintain our focus on the highest possible quality experience for our Loft Owners and their clients.”
“We commend Salon Lofts’ team on building an impressive brand while quickly scaling the business across multiple geographies,” said Jason Ellis, Managing Director at Audax Private Equity. “The business has experienced tremendous growth while providing unique services that enable BCPs to grow their own businesses. We look forward to partnering with Steve and the Salon Lofts team in their next phase of growth.”
Raymond James acted as financial advisor and Ledbetter Wanamaker Glass served as legal counsel to Salon Lofts. Ropes & Gray LLP served as legal counsel and North Point Advisors and Fifth Third Securities served as advisors to Audax. Terms of the transaction were not disclosed.
ABOUT AUDAX PRIVATE EQUITY
Audax Group is a leading alternative investment manager with offices in Boston, New York, San Francisco and London. Since its founding in 1999, the firm has raised over $32 billion in capital across its Private Equity and Private Debt businesses. Audax Private Equity has invested over $9 billion in more than 150 platforms and over 1,100 add-on companies, and is currently investing in add-ons out of its $3.5 billion, sixth private equity fund. Through its disciplined Buy & Build approach, Audax seeks to help platform companies execute add-on acquisitions that fuel revenue growth, optimize operations, and significantly increase equity value. With more than 360 employees and over 150 investment professionals, the firm is a leading capital partner for North American middle market companies. For more information, visit the Audax Private Equity website, at www.audaxprivateequity.com, or follow us on LinkedIn.