Transaction to Fuel National Expansion and Accelerate New Store Growth
LOS ANGELES, CA, August 16, 2018 – LightBay Capital (“LightBay”), a Los Angeles-based private equity firm , announced today that it has made an investment in The Boardroom Salon Company, LLC (“Boardroom,” “Boardroom Salon for Men,” or the “Company”), a premium men’s salon operator and franchisor with 30 company-owned and franchised units across Texas, Oklahoma, Georgia, and Tennessee.
Boardroom Salon for Men was founded in 2004 by Bruce and Heather Schultz, and is headquartered in Southlake, Texas. Boardroom combines the community and nostalgia of an old-time barbershop, outstanding client service, and a 1920s country club environment where men can relax, unwind, and confidently enjoy the highest quality haircut, shave, and spa services.
Under the terms of the transaction, LightBay will own a majority stake in the company, with Co-Founders Bruce and Heather Schultz retaining significant ownership. As a result of the investment, Boardroom expects to accelerate its growth plans by significantly expanding the number of salons and markets in which it operates.
“Bruce, Heather, and the leadership team have done a remarkable job of building a differentiated, premium experience for Boardroom’s clients and team members,” said Adam Stein, Partner and Co-Founder of LightBay. “We are excited to partner with management to support the company’s national expansion and bring Boardroom’s high-quality services to new markets.”
“I want to thank all of our outstanding team members for their teamwork and dedication to deliver exceptional client service over the last 14 years to make Boardroom the ‘Authority in Men’s Grooming,’ as well as the preferred place to work,” said Bruce Schultz. “I also want to thank our valued clients, whose support has helped us grow to 30 locations, and who will be integral to our nationwide expansion. We are thrilled to welcome LightBay Capital as our partner, whose capital, network of relationships, and experience will be valuable as we grow our brand and expand our footprint.”
“Boardroom is a market leader in an attractive and growing industry, and enjoys a passionate following and loyal client base,” added David Burcham, Managing Director at LightBay. “The team’s ability to provide authentic and personalized services on a subscription basis fills a growing need in the marketplace. We look forward to working with Bruce, Heather, and their team in the years to come.”
LightBay is represented by Massumi + Consoli LLP as its legal counsel, and by Harris Williams as its financial advisor. Boardroom is represented by Ferguson Braswell Fraser Kubasta PC as its legal counsel, and by Deloitte Corporate Finance LLC as its financial advisor.
About LightBay Capital
LightBay Capital is a Los Angeles-based private equity firm that applies a flexible capital approach to middle-market investing. Primarily focused on the consumer, healthcare, and business services industries, LightBay invests across the capital structure and in all market environments to help accelerate the growth of high-quality companies. LightBay is currently investing out of its $655 million private equity fund. For more information, please visit www.lightbay.com.
About Boardroom Salon for Men
Since 2004, Boardroom has been the place where men get ready. Boardroom delivers the ultimate relaxed grooming experience for men by providing exceptional haircuts, shaves, and spa services in an elegant, country club environment. Boardroom currently has 30 locations throughout Texas, Oklahoma, Georgia, and Tennessee. For more information, visit boardroomsalon.com or facebook.com/theboardroomsalon.