Sola Salons and Woodhouse Spas Are Radiance’s Principal Brands
The private equity firm TSG Consumer Partners has acquired a majority stake in Radiance Holdings. Radiance Holdings’ portfolio includes Sola Salons and Woodhouse Spas, which are approximately 85% franchised. Denver-based Radiance Holdings’ management team will stay in place.
Founded in 2004, Sola Salons is a rapidly growing salon studios franchise with roughly 650 sites in the United States and Canada. Sola Salons rents suites to beauty-care professionals so they can work independently and have cost-effective overhead.
Woodhouse Spas, a 21-year-old company, is a major day spa brand with about 80 locations across the United States. Woodhouse Spas, specializing in massage and skin care, provides resort-type services in neighborhood settings.
Radiance and TSG Leaders React
Christina Russell, CEO of Radiance Holdings, applauded TSG for its “impressive track record of building and scaling world-class beauty and franchising brands.” In a news release, she said, “We couldn’t be more excited to leverage TSG’s resources and expertise as we look to expand our platform and enhance our value proposition for franchisees, beauty-care professionals and consumers. … It’s critical that we collaborate with a partner that understands our business and has been down a similar road many times.”
Pierre LeComte, managing director at San Francisco-based TSG Consumer Partners, returned the compliment. “We look forward to partnering with Christina and the management team to continue scaling their national platform in beauty and personal care through a variety of initiatives, including thoughtful digital marketing efforts developed in collaboration with TSG’s Digital Team, accelerated franchise development, strategic acquisitions and service line extensions.”
Michael Layman, also a TSG managing director, praised Radiance Holdings for its ability to exceed consumer expectations. Radiance Holdings is “well positioned for further growth,” he added.
About TSG and Reliance Brands
TSG Consumer Partners has approximately $20 billion in assets under management. It partners with founders and management teams to build and accelerate growth for consumer-facing businesses. TSG, established in 1986, has invested in Backcountry, Canyon Bicycles, Duckhorn, Dutch Bros, e.l.f. Cosmetics, IT Cosmetics, Joe Hudson’s Collision Centers, Mavis Tires, Planet Fitness, popchips, Power Stop, REVOLVE, Revolut, Robinhood, Rough Country, Smashbox, Super Star Car Wash, Stumptown, The Wrench Group, Thrive Pet Healthcare and Vitaminwater.
In addition to Woodhouse Spas and Sola Salons, Radiance Holdings contains BeautyHive, an online distributor of professional beauty products. Radiance has pledged support to its brands, its franchisees and its community of independent beauty professionals so they can prosper and grow.
During the acquisition process, Jeffries LLC and Lazard acted as financial advisor to TSG and Ropes & Gray LLP acted as legal advisor. North Point and Harris Williams acted as financial advisor to Radiance Holdings.