Chatters Canada, the largest retailer of professional hair care products in Canada and one of the largest hair salon operators in the country, has been acquired by ONCAP, the middle-market private equity platform of Onex Corp., in partnership with the existing management team.
Chatters is the largest retailer of professional hair care products in Canada and one of the largest hair salon operators in the country with more than 100 stores in eight provinces. All Chatters stores provide a full-service hair salon that includes cuts, color, and specialty treatments. In total, the company operates approximately 900 chairs and has over 900 stylists system-wide. In addition to the salon revenues, Chatters sells more than 5,500 professional beauty products, including all the leading professional hair care brands as well as other skin care, body care, nail, and accessories brands. The company is led by Jason Volk, Chief Executive Officer; Robb Bloos, Special Operations Manager; and Corine Sim, Senior Executive of Marketing and Branding. The company was founded in 1990 in Red Deer, Alberta (www.chatters.ca).
“We’re delighted to be partnering with Jason Volk and the entire Chatters team,” said Mark MacTavish, Managing Director of ONCAP. “Chatters is well positioned to build upon its strong foundation and we’re excited to support its growth.”
The investment in Chatters Canada is being made through ONCAP’s third fund. ONCAP is the mid-market private equity platform of Onex, one of the oldest and most successful private equity firms committed to acquiring and building businesses in partnership with management teams. Onex has approximately US$21 billion of assets under management and is based in Toronto with additional offices in New York and London (www.onex.com).
Intrepid Investment Bankers (www.intrepidib.com) was the exclusive financial advisor to Chatters Canada.
“We were impressed from day one with the powerful Chatters store model, brand, and culture, but perhaps most impressed with the entire Chatters team. They have established a national beauty care platform in Canada and built a truly special business,” said Steve Davis, Managing Director and Head of the Beauty & Personal Care practice at Intrepid. “I’m confident Chatters will continue to thrive with their new partner. We’re proud to have been a part of the Chatters team and look forward to seeing what Chatters and ONCAP can accomplish together.”
© 2015 PEPD • Private Equity’s Leading News Magazine • 7-20-15
