May 2022: Stonehenge Partners (“Stonehenge”) is pleased to announce an investment in Salon Freedom (“Salon Freedom” or the “Company”), a developer and owner of Sola Salon Studios (“Sola”) franchise locations, alongside Geneva Glen Capital (“GGC”) and Three20 Capital Group (“Three20”). Sola is the leading provider of salon suites in the United States. The Company has executed new multi-unit development agreements in Pennsylvania, Southern New Jersey, and Tennessee. Salon Freedom will continue to invest in their 37 active Sola locations while committing capital to expand to 75 units over the next five years, creating opportunities for over 1,500 additional Sola Pros. The Company also intends to grow through acquisitions of established Sola locations in other markets.
The Salon Freedom leadership team of David Raduziner, Steve Breuner, and Bo Breuner are Sola franchisee veterans, having joined the Sola Salon system in 2008 and developed 37 successful units. David Raduziner will serve as CEO with Steve Breuner as CMO. “We are thrilled to have the investment and backing of Three20, GGC, and Stonehenge to more than double the size of the company and lend valuable strategic support as we continue our explosive growth,” said Mr. Raduziner.
Three20 Capital Group is led by longtime multi-unit franchisees and franchisors Todd Recknagel and Kristi Mailloux. Mr. Recknagel and Ms. Mailloux are currently Operating Partners in the largest Massage Envy franchisee in the country, which they helped grow from 7 locations to over 90 clinics today. Mr. Recknagel will serve as Board Chair.
“We believe that our team will be leaders within the brand, bringing depth in experience, service, and culture building,” said Stonehenge Managing Partner, Pete Davies. “We are really looking forward to helping improve the lives of over 2,500 Sola Pros by the time we build our organization.”
Christina Russell, CEO of Sola, added, “We are excited to see one of our strongest franchisees joining forces with capital partners like Three20, GGC, and Stonehenge, who will give them the stability and strength to continue their expansion. These groups bring significant franchise experience, and we look forward to this new relationship.”
About Stonehenge Partners
Stonehenge is an Ohio-based private equity firm serving the lower middle market. Founded in 1999, Stonehenge has a long history of partnering with leading entrepreneurs and managers who are focused on building winning teams, accelerating growth, and creating shareholder value. Stonehenge provides flexible capital that meets the needs of all stakeholders, including majority equity, minority equity, debt, and combinations thereof. Stonehenge has raised more than $1 billion of committed capital and is currently investing out of its fifth institutional fund.
Investment Parameters
$1.3 billion of private capital commitments
Flexibility to invest equity, debt, or any combination
Control or minority ownership equity investments
$10 million to $50 million targeted investment range
Buyouts, recapitalizations, and growth capital
Manufacturing, distribution, healthcare, and business services
Stonehenge Senior Investment Team
Andrew Bohutinsky, Managing Partner
Pete Davies, Managing Partner
Bob Eversole, Managing Partner
Tom Utgard, Managing Partner
Mike Arguelles, Partner
Sean Dunn, Director
Marc Elberson, Vice President
Patrick Shevelson, Vice President
