Roark Capital Group has acquired a minority interest in Drybar, a retail provider of hair styling services. Drybar has been a portfolio company of Castanea Partners since January 2012.
Drybar operates retail hair salons that specializing in providing hair blowouts – washing, blow drying, and styling. Drybar does not provide hair cutting or coloring services. The company has 60 locations across the country, including New York, Los Angeles, San Francisco, Chicago, Dallas, Philadelphia, Washington DC, and Las Vegas (opening on July 1). Drybar also sells hair care products and styling tools at its stores, as well as online and through retail partners. The company was founded in 2009 by Alli Webb and is headquartered in Irvine, CA (www.thedrybar.com).
“Drybar is an innovative and differentiated brand with a tremendous track record of growth,” said Steve Romaniello, Managing Director at Roark Capital. “We look forward to supporting the team and the continued growth of the Drybar brand.”
Roark Capital Group invests in consumer and business services companies, with a focus on the franchise, food and restaurant, specialty retail, health and wellness, consumer and business services sectors. Roark’s current portfolio company brands include Anytime Fitness, Arby’s, Batteries Plus Bulbs, Corner Bakery, Driven Brands, FOCUS Brands (the owner of Auntie Anne’s Pretzels, Carvel Ice Cream, Cinnabon, McAlister’s Deli, Moe’s Southwest Grill, and Schlotzsky’s), Hardee’s, Massage Envy, Miller’s Ale House, Orangetheory Fitness, Pet Supermarket, Pet Valu, Waxing the City, and Wingstop. The firm is based in Atlanta (www.roarkcapital.com).
“The Drybar team has built a category-defining brand through a commitment to people, culture and core values,” said Erik Morris, Managing Director at Roark Capital. “We are thrilled to be partnering with the founders, management, the board and Castanea Partners in continuing to build such an amazing brand.”
Castanea Partners invests from $15 million to $75 million in companies that operate in the consumer brands, marketing services, and information services sectors. The firm is currently investing from its $600 million fourth fund that invests in companies with enterprise values up to $250 million. Castanea is headquartered near Boston in Newton, MA (www.castaneapartners.com).
Piper Jaffray & Company (www.piperjaffray.com) was the financial advisor to Drybar for this transaction.
© 2016 Private Equity Professional • 6-28-16
