Regis Corp said June 13 that it sold 96 of its California-based Supercuts salons to Moxie Management Group. Financial terms weren’t announced. Moxie is a portfolio company of Spanos Barber Jesse & Co. Supercuts is a chain of hair salons.
Regis® Announces Profitable Sale and Transfer of 96 Supercuts® Salons to Spanos Barber Jesse & Co. backed Moxie Management Group
MINNEAPOLIS, June 13, 2019 – Regis Corporation (NYSE: RGS), a leader in the haircare industry, whose primary business is franchising, owning, and operating hair salons, today announced the profitable sale and transfer of 96 of its California-based Supercuts® salons to the Moxie Management Group (Moxie), a portfolio company of a Spanos Barber Jesse & Co. (SBJ) managed fund.
“We are delighted to broaden our successful relationship with the Moxie Group to facilitate the continued growth of our Supercuts® brand in California. Moxie and SBJ not only bring proven experience with the Supercuts brand but also have an impressive record of performance with several other retail and consumer-focused companies. High-quality partnerships like this will help us grow and strengthen the Supercuts® brand and our franchise portfolio,” commented Eric Bakken, Executive Vice President, President – Franchise of Regis Corporation.
Michael Stajer, CEO of Moxie, commented, “We are excited to be meaningfully expanding our relationship with Regis®. Our partnership with both Regis and SBJ will allow us to continue to expand our footprint throughout the U.S. while we carry-on Supercuts®’ 40+ year heritage of providing affordable, high-quality haircuts in a convenient setting.” Gus Spanos, Co-Founder of SBJ, added, “we are very excited to be a part of the Supercuts brand and Regis family and look forward to a successful partnership in the years ahead.”
Hugh Sawyer, President and Chief Executive Officer of Regis Corporation, commented, “We have been undergoing a multi-year strategic transformation at Regis, and an important element of that transformation is accelerating the growth of our asset-light franchise portfolio where it supports shareholder value and an emerging strategy for our business.”
Supercuts, the Official Hair Salon of Major League Baseball®, expects to initiate a new marketing campaign during All Star Week®, which is being held in Cleveland July 5-9, 2019.
The Moxie salons join over 2,700 Supercuts® across the United States, Canada and Puerto Rico that provide consistent, high-quality hair-care services and professional products to guests at convenient times and locations at reasonable prices. Supercuts® offers a broad selection of professional haircare products including Paul Mitchell, American Crew, TIGI, Redken, Biolage and more. For more information, visit Supercuts.com.
About Regis Corporation
Regis Corporation (NYSE: RGS) is a leader in beauty salons and cosmetology education. As of March 31, 2019, the Company franchised, owned or held ownership interests in 7,838 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. To join Regis Corporation’s email alert list, click on this link: http://www.b2i.us/irpass.asp?BzID=913&to=ea&Nav=1&S=0&L=1