Hair salon owner, operator and franchiser Regis Corp. said Monday struck a deal with Beautiful Group, an affiliate of Beverly Hills-based private equity firm Regent, for the bulk of its North American salon business. Regent, which also entered into an agreement to acquire nearly all of Regis’ international segment, will become its largest franchisee. Terms of the transaction were not disclosed.
The transaction includes 858 of the company’s mall-based North America Regis Salons and MasterCuts locations, as well as the intellectual property related to MasterCuts and certain other trade names. The deal also includes the company’s 250 Regis Salons and Supercuts salons in the United Kingdom. Regent will operate the salons as the company’s largest franchisee.
Approximately 9,800 stylists and managers in the affected salons associated will become employees of Beautiful Group and its affiliates. Regent aims to develop its newly acquired salons into a luxury brand by improving customer experience, Hugh Sawyer, chief executive officer of Regis, said in a statement.