Atlanta — An affiliate of Roark Capital Group, an Atlanta-based private equity firm, has acquired a minority interest in Drybar, an innovative brand that has revolutionized the blowout industry. Terms of the transaction were not disclosed.
“We are extraordinarily proud and excited to welcome Roark to our team and board. The experience and resources they provide will be enormously valuable as we continue to expand across the globe,” says Michael Landau, co-founder and chairman of Drybar.
Founded in 2009 by Alli Webb, Drybar is the nation’s premier blow dry bar specializing in blowouts: no cuts, no color, just blowouts. With more than 60 locations across the country, including New York, Los Angeles, San Francisco, Chicago, Dallas, Philadelphia, and Washington D.C., the brand recently opened in Las Vegas on July 1, 2016. Drybar also offers an award-winning line of professional hair care products and styling tools at its stores, as well as online and through retail partners.
Roark Capital Group is a private equity firm that focuses on investing in multi-unit businesses. Its affiliates have invested in 54 franchise/multi-unit brands with approximately 22,000 locations in 75 countries. Its portfolio of brands operate in retail, restaurant, health & wellness, consumer and business services sectors.
“Roark very much accentuates our bright future,” says John Heffner, CEO of Drybar. “Their wealth of knowledge and global reach are welcome and complementary additions to our team.”
“Drybar is an innovative and differentiated brand with a tremendous track record of growth,” adds Steve Romaniello, managing director at Roark Capital. “We look forward to supporting the team and the continued growth of the Drybar brand.”
Piper Jaffray & Company served as the exclusive financial advisor to Drybar.
Roark Capital Group’s current brands include Anytime Fitness, Arby’s, Atkins Nutritionals, Batteries Plus Bulbs, Carl Jr.’s, 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, Il Fornaio, Massage Envy, Miller’s Ale House, Naf Naf Grill, Orangetheory Fitness, Pet Supermarket, Pet Valu, Primrose Schools, Quala, Waxing the City and Wingstop. For more information, visit www.roarkcapital.com.
Drybar is on track to have over 70 retail locations by the end of 2016. The brand will continue adding to its popular line of hair styling products & tools sold both online and in its own shops, as well as at Sephora and Nordstrom in the U.S. and Canada, and select Ulta Beauty & Bloomingdale’s doors nationwide. For more information, visit www.thedrybar.com.
SOURCE: Roark Capital Group