Sola Salon Studios, a leading provider of studios and suites in North America, has announced a consortium of three investment groups have made a strategic investment in the brand. The three groups, MPK Equity Partners, AHR Growth Partners, and PNC Riverarch Capital, now hold a majority stake in the company, though the current management team, led by Randall Clark, CEO of Sola Salon Studios, will remain in place.
“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,” says Clark. “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.”
Sola Salon Studios plans on using the investments to accelerate growth in a number of areas, including increasing innovations, enhancing technology and resources, increasing the number of company-owned locations, and accelerating international expansion, in addition to providing existing locations, owners, and staff with more tools, education, support, and business marketing programs.
“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.”
Founded in 2004 by Stratton Smith and Matt Briger, Sola Salon Studios currently serves more than 11,000 beauty professionals across more than 400 locations. Both Smith and Briger will continue to maintain an interest in the company post-investment.