Since Stratton Smith and Matt Briger founded Sola Salon in 2004, they’ve developed a community of over 11,000 beauty professionals in 400-plus locations. Such a strong growth demands adjustment—cue Sola Salon’s recent acceptance of a significant strategic investment from three groups including MPK Equity Partners, AHR Growth Partners and PNC Riverarch Capital. Both Smith and Briger will maintain an interest in the company and Randall Clark, Sola Salon CEO, will continue to lead the current management team.
“This is an incredible milestone for our business and a validation not only of the Sola business model and concept, but a milestone as the first in the beauty industry in this category,” Clark said in a statement. “We are looking forward to accelerated growth in many areas including increased innovations, enhanced technology and resources, increase of company-owned locations and accelerated international expansion. Most importantly, it will allow us to provide even more tools, support, education, business and marketing programs to our ever-growing community of independent salon owners.”
“We could not be more thrilled to make this investment,” said Doug Kennealey, managing partner at MPK Equity Partners, who will join the Sola board of directors, in a news release. “The founders and management team have built an absolutely fantastic business, and we’re excited to become their partners as the company embarks on this exciting next phase in its evolution.”
Andrew Wiechkoske, principal at PNC Riverarch Capital, added, “Sola’s leading market position and strong franchisee support have positioned the company for continued growth. We’re very excited to partner with the Sola team as the company executes on its growth plan.”