The Super C Group, which is backed by Vision Growth Partners, has agreed to acquire 65 Michigan-based Supercuts salons from Regis Corporation. No financial terms were disclosed.
BIRMINGHAM, Mich., Sept. 4, 2018 /PRNewswire/ — The Super C Group has entered into an agreement to acquire 65 Michigan-based salons from Regis Corporation (NYSE : RGS ). Vision Growth Partners, a lower end, middle-market private equity company, and the managing partner of Super C Group, is led by Michael Sarafa. The group specializes in the acquisition of service-oriented retail businesses. The acquisitions, along with several planned new store openings, is expected to bring the total number of franchised Supercuts® locations in Michigan to 85, which includes other franchisees. These acquisitions will make the Super C Group the largest Supercuts franchisee in the Midwest.
“We are very excited to enter the salon space in a significant way in our home state of Michigan,” said Sarafa. “Regis is a great partner with great employees, and we look forward to growing the Supercuts brand and building a culture of teamwork and success.”
The salons being acquired are currently branded as BoRics, Hair Master or Fiesta Salons. All the stores will be remodeled and converted into the Supercuts brand. The agreement also includes 13 existing Supercuts corporate stores. Regis Corporation has launched a national marketing push for their Supercuts brand, which includes a multi-year sponsorship with Major League Baseball.
In addition to the salons that are being acquired and converted to Supercuts, The Super C Group also will open 10 new organic locations, also in Michigan, over the next several years.
“Vision Growth Partners and the Super C Group bring a wealth of knowledge and experience to the multi-unit space,” said Eric Bakken, President of Franchise for Regis Corporation. “We think they are the ideal partner to help us significantly grow the Supercuts brand in Michigan.”
Super C Group intends to retain all of the approximately 400 store employees. Adrian Shayota, a member of the Super C Group, has been named as Director of Operations. Lisa Dennison, the current Regional Manager for Regis’ Michigan stores, will join the Super C Group in September.
The store acquisitions will take place in small groups and will be completed by the spring of 2019.
About Super C Group, LLC
Super C Group, LLC is a growth-oriented company devoted to the success of its employees, and the salons that serve its clientele. Super C Group’s locations strive to create an exceptional customer experience from start to finish through a culture that is friendly, trendy, high energy and professional. Its team of leadership professionals leverages its more than 185 combined years of experience in the banking industry, hospitality industry, wireless and other retail industries to drive growth in a demanding and competitive environment.
About Regis Corporation
Regis Corporation (NYSE : RGS ) is a leader in beauty salons and cosmetology education. As of March 31, 2018, the Company owned, franchised or held ownership interests in 8,228 worldwide locations. Regis’ corporate and franchised locations operate under concepts such as Supercuts, SmartStyle®, MasterCuts®, Regis Salons®, Sassoon®, Cost Cutters®, Roosters® and First Choice Haircutters®. Regis maintains an ownership interest in Empire Education Group in the U.S. For additional information about the Company, including a reconciliation of certain non-GAAP financial information and certain supplemental financial information, please visit the Investor Information section of the corporate website at www.regiscorp.com.
About Vision Growth Partners
Vision Growth Partners is a lower, middle-market private equity company, and the managing partner of Super C Group. The group specializes in the acquisition of service-oriented businesses, and its primary focus is on the retail, healthcare, professional services, and sales organization sectors. Vision Growth Partners invests in companies on a trajectory of growth that it can help scale operationally.
Vision Growth invests in people who demonstrate high integrity, tenacity, strong values and an appreciation for a culture of openness. This people-centric approach is demonstrated through excellent customer responsiveness and a positive relationship between customers and team members. As entrepreneurs, Vision Growth supports its portfolio of companies by being open to discussing pain points, trying new tactics, and creating a strategy for growth and ultimately the game plan to success. For additional information, visit www.visiongrowthpartners.com.