Company News
Castanea Partners Announces Investment in Drybar
Newton, MA – February 1, 2012 – Castanea Partners announced today that it has purchased a minority interest in Drybar, a leading blow-dry bar retailer concept.
Founded in 2008 by Alli Webb, a long-time professional stylist, the company established itself as the market leader in the emerging "blow-dry only" segment of the beauty industry. Drybar is known for its stylish, high quality and affordable blow-dry services and was named one of the top “100 Brilliant Ideas of 2010” by Entrepreneur Magazine. The company operates locations across the country and has become a regular stop for many celebrities.
"This is an exciting investment opportunity for us," said Steve Berg, Partner at Castanea. "The team at Drybar has done an incredible job of capitalizing on a void in the marketplace and filling it with a service that truly delights their customers."
"After a long and comprehensive search it became clear that Castanea was the ideal partner for us," said Michael Landau, Drybar’s Chief Executive Officer. “Castanea provides unique operational, consumer-focused experience that will help us achieve the next level of growth."
As part of the transaction, Janet Gurwitch will be joining Drybar's board. Janet Gurwitch is the founder and former CEO of Laura Mercier Cosmetics, a leading global beauty brand. Prior to that she was the Executive Vice President of Neiman Marcus, and recently joined Castanea as an Operating Partner.
"Drybar has created an incredibly cool, innovative experience for the consumer,” said Gurwitch, “I am excited to be joining this impressive team to further develop the Drybar brand."
The company plans to use proceeds from the investment to continue their rapid national expansion efforts and further invest in talent and infrastructure. Terms of the transaction were not disclosed.
About Castanea
Castanea Partners is a private equity firm founded by operating executives and private equity veterans. Castanea invests between $15M to $75M of equity in companies within specifically targeted industry sectors where the firm has proven investment and operating expertise. Castanea is principally focused on investing in dynamic consumer brands and marketing services companies that enable such brands to connect with their customers. The firm also seeks to invest in select business-to-business providers of key information.
Castanea is currently investing from its third fund, a $500 million fund that targets companies with enterprise values up to $250 million.
For more information, visit Castanea Partners or contact Marion Schouten at 617.630.2420 or mschouten@castaneapartners.com.
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