Drybar’s financial advisor on the deal was Piper Jaffray & Company. And, while full terms of the deal haven’t been made public, it’s clear that the investment group will be a part of the Drybar board: “We are extraordinarily proud and excited to welcome Roark to our team and Board,” Michael Landau, co-founder and chairman of Drybar, tells the press. “The experience and resources they provide will be enormously valuable as we continue to expand across the globe.”
There are hair care and styling product line extensions in the works. Drybar sells its own brand of hair care, hair styling, and styling tools (e.g. a signature blow dryer) in its blowout salons, via ecommerce, and in retail partnerships too.
It’s this collection that the company has plans to expand. And Roark is now fervently along for the ride. “The Drybar team has built a category-defining brand through a commitment to people, culture and core values,” says Erik Morris, Managing Director at Roark Capital. “We are thrilled to be partnering with the Founders, management, the Board and Castanea Partners in continuing to build such an amazing brand.”
The company, founded by Alli Webb in 2009, is a blowout category icon. There are over 60 Drybar blowout salon locations in the States, in New York, LA, San Francisco, Chicago, Philadelphia, DC, and elsewhere.
At the start of next month Drybar will open in Vegas. And, the company isn’t stopping there. According to a press release from Roark Capital, “Drybar is on track to have over 70 retail locations by the end of 2016.”
As is so often the case in announcements about equity investment deals, both partners are optimistic about the business.
“Roark very much accentuates our bright future,” says John Heffner, Drybar CEO, in the release. “Their wealth of knowledge and global reach are welcome and complementary additions to our team.”
Steve Romaniello, managing director at Roark Capital, expressed his confidence in the new investment too: “Drybar is an innovative and differentiated brand with a tremendous track record of growth. We look forward to supporting the team and the continued growth of the Drybar brand.”