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Falconhead capital, the US investment firm specialising in the leisure industry, has acquired a majority stake in Toronto-based salon and spa chain, Premier Salons.
The deal, for an undisclosed sum, will see Premier merged with Falconhead’s existing spa venture, Stonewater Spas, to form one of the largest independent spa and salon companies in North America.
Premier Salons currently operates more than 400 sites with around 4,000 employees, while Stonewater runs 20 standalone, luxury day spas throughout the US.
The new enterprise will be called Premier and will have combined revenues of around $125m (£68m).
David Moross, chair of Falconhead Capital, said: “This transaction is the culmination of our efforts over the past two years to create a platform that we can build into North America’s leading independent spa and salon company.
“Premier will have many opportunities for further growth, both organically and through acquisition, in the highly fragmented and rapidly growing spa and salon industry.”
Premier Salons was founded in 1984 by Brian Luborsky. Falconhead Capital, a private equity investment firm, was founded in 1998 and is based in New York.
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