SAN FRANCISCO & DENVER–(BUSINESS WIRE)–TSG Consumer Partners, a leading private equity firm, today announced that it has acquired a majority stake in Radiance Holdings, a high-growth platform representing a collection of premier brands in the beauty, wellness, and self-care sectors. As part of the transaction, Radiance Holdings’ management team will continue to lead the Company. Financial terms of the transaction were not disclosed.
The company, based in Denver, Colorado, is committed to investing in its brands, driving innovation, and helping their franchisees and community of independent beauty professionals grow their businesses and improve their lives. Radiance Holdings’ current portfolio is approximately 85% franchised and includes the following brands:
- Sola Salons: Founded in 2004, Sola Salons is the world’s largest and fastest growing salon studios franchise with approximately 650 locations across the U.S. and Canada as of December 2022. Sola Salons rents premium suites to individual beauty care professionals, providing them with more autonomy and better economics than traditional salons.
- Woodhouse Spas: Founded in 2001, Woodhouse Spas is the largest premium day spa brand in the U.S. with approximately 80 locations across the U.S. as of December 2022. Woodhouse Spas feature a multi-modality platform, anchored by massage and skincare, which brings resort-level quality to convenient neighborhood locations.
“TSG has an impressive track record of building and scaling world-class beauty and franchising brands, and we are thrilled to work with them,” said Christina Russell, CEO of Radiance Holdings. “We couldn’t be more excited to leverage TSG’s resources and expertise as we look to expand our platform and enhance our value proposition for franchisees, beauty care professionals, and consumers across our portfolio. As we build on our momentum and the powerful growth opportunities ahead, it’s critical that we collaborate with a partner that understands our business and has been down a similar road many times with brands that we admire.”
“Radiance Holding is empowering a new generation of beauty professionals seeking to work independently and offer their clientele more control over their salon experience, a trend accelerated by the pandemic,” said Michael Layman, Managing Director at TSG. “Their portfolio of differentiated brands are exceeding consumer expectations and are well positioned for further growth.”
Pierre LeComte, Managing Director at TSG, commented, “We look forward to partnering with Christina and the management team to continue scaling their national platform in beauty and personal care through a variety of initiatives, including thoughtful digital marketing efforts developed in collaboration with TSG’s Digital Team, accelerated franchise development, strategic acquisitions, and service line extensions.”
Jefferies LLC and Lazard acted as financial advisor to TSG and Ropes & Gray LLP acted as legal advisor. North Point and Harris Williams acted as financial advisor to Radiance Holdings.
About TSG Consumer Partners
TSG Consumer Partners, LP is a leading private equity firm with approximately $20 billion in assets under management that partners with founders and management teams to build and accelerate growth for best-in-class consumer-facing businesses. Since its founding in 1986, TSG has been an active investor in the consumer industry. Representative past and present partner companies include Backcountry, Canyon Bicycles, Duckhorn, Dutch Bros, e.l.f. Cosmetics, IT Cosmetics, Joe Hudson’s Collision Centers, Mavis Tires, Planet Fitness, popchips, Power Stop, REVOLVE, Revolut, Robinhood, Rough Country, Smashbox, Super Star Car Wash, Stumptown, The Wrench Group, Thrive Pet Healthcare, and Vitaminwater. For more information, visit tsgconsumer.com.
About Radiance Holdings
Radiance Holdings represents a collection of premier brands in the beauty, wellness and self-care sector. Led by Christina Russell, CEO, Radiance’s current brand portfolio includes Sola Salons, the world’s largest and fastest growing salon studios franchise; Woodhouse, the largest premium day spa brand in the U.S.; and BeautyHive, an online distributor of professional beauty products. Radiance is committed to investing in its brands, driving innovation, and helping their franchisees and their community of independent beauty professionals grow their businesses and improve their lives. For more information, please visit www.weareradianceholdings.com.