Regis merges continental European franchise operations into Franck Provost Group
Regis Corporation, one of the worldwide leaders in the hair care industry, has announced that it has concluded an agreement to merge its continental European franchise salon operations into Franck Provost Salon Group, which will, the company says, create the largest hair salon company in Europe. Regis Corporation will hold a 30 percent interest in the merged company with the current Provost management team overseeing all of the operations of the combined merged companies. Regis' operations in the United Kingdom is not part of the combination.
According to Regis, the merged companies will operate over 2,200 company-owned and franchised salons. Revenues for the combined companies are expected to exceed $200 million. The transaction is expected to close in January 2008 and is subject to obtaining applicable regulatory and other approvals.
The Franck Provost Group currently operates around 200 company-owned salons and 400 franchise locations with annual revenues of $140 million. The Franck Provost Salon Group, led by its founder and Chairman, Franck Provost, has been operating salons in France and the European continent since 1975.
Regis Corporation is one of the beauty industry's global leaders in beauty salons, hair restoration centres and cosmetology education. It owns, franchises or holds ownership interests in more than 12,400 locations around the world. Regis' corporate and franchised locations operate under concepts such as Supercuts, Jean Louis David, Vidal Sassoon, Regis Salons, MasterCuts, Trade Secret, SmartStyle, Cost Cutters and Hair Club for Men and Women.