Hill River Capital and Friend Skoler & Co. Announce Sale of Salon Lofts LLC
SADDLE BROOK, NEW JERSEY, NOVEMBER 30, 2022 – Hill River Capital, Inc. and Friend Skoler & Co., LLC (“FSC”), a private equity firm that invests in leading companies in the smaller end of the middle market, announced today the sale of Salon Lofts LLC (the “Company”) to Audax Private Equity. The investment by Audax will support Salon Lofts in its mission to provide Beauty Care Professionals (“BCPs”) with the individual space and value-added services to support and grow their own businesses outside of the traditional salon model, allowing them to become Loft Owners. The transaction closed on August 31, 2022, and included a rollover of a portion of FSC's equity into a continuing ownership interest in Salon Lofts.
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.”
Raymond James Investment Banking served as financial advisor and Ledbetter Wanamaker Glass LLP 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 Friend Skoler & Co., LLC
Founded in 1998, Friend Skoler & Co., LLC is a private equity firm that invests in leading companies in the smaller end of the middle market in partnership with management. FSC typically invests between $3 million and $20 million of equity per transaction. A key element of the firm's strategy is to leverage its extensive experience as investors in and operators of middle market companies.
For additional information, visit www.friendskoler.com.
For additional information, contact:
Friend Skoler & Co., LLC