Sola Salon Studios announced that a consortium of three investment groups have made a significant strategic investment in Sola Salon Studios. “We are very excited as this new investment and ongoing capital commitment from our new partners will provide us with significant financial resources and the ability to successfully and quickly deliver on key strategies and goals,” shared Randall Clark, CEO of Sola Salon Studios. The three groups are MPK Equity Partners, AHR Growth Partners and PNC Riverarch Capital, which will now hold a majority stake in the company. The current management team, led by Randall Clark, will remain in place.
Sola Salon Studios was founded in 2004 by Stratton Smith and Matt Briger and is the nation's leading and most recognized salon studio/suite provider in North America, with a current community comprised of over 11,000 beauty professionals across 400-plus locations. Both Smith and Briger will continue to maintain an interest in the company moving forward.
Clark commented, “Sola Salon Studios has become a category-defining brand and a trailblazer for the independent stylist movement. This is an incredible milestone for our business and a validation not only of the Sola business model and concept, but a milestone as the first in the beauty industry in this category. Our commitment to the industry, our beauty professionals, our location owners and the culture and community we have developed over the past 14 years remains unwavering. We are looking forward to accelerated growth in many areas including increased innovations, enhanced technology and resources, increase of company-owned locations and accelerated international expansion. Most importantly, it will allow us to provide even more tools, support, education, business and marketing programs to our ever-growing community of independent salon owners.”
“We could not be more thrilled to make this investment,” said Doug Kennealey, Managing Partner at MPK Equity Partners, who will join the Sola Board of Directors. “The founders and management team have built an absolutely fantastic business, and we’re excited to become their partners as the company embarks on this exciting next phase in its evolution.”
Andrew Wiechkoske, Principal at PNC Riverarch Capital added, “Sola’s leading market position and strong franchisee support have positioned the company for continued growth. We’re very excited to partner with the Sola team as the company executes on its growth plan.”