New Private Equity Firm to Accelerate Brand’s Growth to 1,000 Locations over Next Five Years
10 Point Capital, a newly formed Atlanta-based private equity firm, announced today it has made a minority investment in Phenix Salon Suites, one of the fastest-growing salon suite franchises serving the beauty industry. Phenix has more than 200 locations in 26 states and a thriving community of over 5,000 stylists. The capital infusion will fuel Phenix’s nationwide expansion as part of its aggressive plans to grow to 1,000 locations over the next five years. Terms of the deal were not disclosed.
Phenix Salon Suites was first launched in 2007 by Gina Rivera — who appeared on CBS’ “Undercover Boss” in 2015 — in Colorado Springs to provide stylists all the benefits of salon ownership without the expense and hassles typical of the industry, and it quickly became one of the fastest-growing salon suite companies in the beauty industry. Under the Phenix Salon Suites model, franchisees transform approximately 5,000 square feet into 28-30 individual luxury suites. Each suite is equipped with everything needed to successfully run a salon business at a fraction of the cost of starting a business on their own. Suites also are available to nail technicians, massage therapists, aestheticians, chiropractors, and other service professionals to create a one-stop shop for many spa-type services and treatments.
“Founder Gina Rivera is an icon in the beauty industry known not only for her flare for style, but also for her keen business acumen. Her Phenix Salon Suites make the old ‘booth/chair rental’ model obsolete and make salon ownership a viable option for salon professionals,” said Tom Wells, Managing Partner at 10 Point Capital. “Her revolutionary idea has sparked considerable growth and we’re excited to join alongside her to further develop the Phenix brand and make this exciting concept available to even more salon professionals.”
“The 10 Point Capital team brings not only capital, but also an established track record for transforming emerging brands into great franchised brands. We’re thrilled they see the enormous growth potential of Phenix Salon Suites,” said Rivera, who comes from a family of salon professionals with over 85 years of salon industry experience. “Working closely with the 10 Point team, we can leverage their franchising knowledge and network to ignite franchise development, open more locations, and provide even more stylists the opportunity to own their own business.”
10 Point Capital founders Scott Pressly and Tom Wells have decades of franchise experience and have developed a proven model to grow emerging franchise brands. Both Pressly and Wells were part of the leadership team behind rapidly growing top-ranked fast casual restaurant concept Tropical Smoothie Cafe, which has grown to more than 640 locations nationwide since 2010 and signed 600 franchise agreements in four years.
Phenix Salon Suites currently is seeking single- and multi-unit franchisees to open locations throughout the United States. Qualified candidates should have a net worth of at least $550,000 and liquid capital of over $200,000. The total initial investment ranges from $282,600 – $937,500, which includes a $45,000 franchise fee.
For more information about the Phenix franchise opportunity, visit www.phenixsalonsuitesfranchising.com or call (719) 785-4858.
About 10 Point Capital
10 Point Capital is a private investment group that seeks to partner with founders and operating executives of multi-unit and franchise businesses. With deep roots in the franchise industry, 10 Point Capital invests in visionary leaders to build dominant brands. 10 Point Capital helps emerging brands accelerate their growth, not only by providing investment capital, but also using proven strategies to help them evolve into mature, thriving brands. The leadership team at 10 Point Capital is behind the success of the top-ranked, rapidly growing fast casual restaurant concept Tropical Smoothie Cafe, which has grown to more than 640 locations nationwide. For more information on 10 Point Capital, visit www.10pointcapital.com.
About Phenix Salon Suites
Phenix Salon Suites was first launched in 2007 by Gina Rivera in Colorado Springs and quickly became one of the fastest growing salon suite companies in the beauty industry. Today, Phenix Salon Suites has opened over 200 locations in 26 states supporting a community of more than 5,000 stylists. Founded by Gina Rivera, who comes from a family of salon professionals with over 85 years of salon industry experience, Phenix Salon Suites is poised to be the premier provider of salon suites throughout the U.S. and internationally. It is the only salon suite franchise to be named to the Top 100 of Entrepreneur‘s Top 500 Franchise List and the brand joined the elite Top 25 in 2017. For more information, please visit www.phenixsalonsuites.com