Funding supports Vison Growth Partners’ expansion of Alline Salon Group and assists its ongoing growth strategy
CVC Credit Partners is pleased to announce that it has provided the first lien funding for Vision Growth Partners’ expansion of Alline Salon Group and going forward will further support the growth strategy through the provision of a delayed draw term loan facility. Cowen’s Debt Advisory Group acted as the debt advisor for the transaction.
Founded in 2018, Alline is a market leader in affordable hair care services. It now operates nearly 400 salons under the Supercuts, Cost Cutters and Holiday Hair brands, primarily located across Ohio, Pennsylvania and Michigan. The business was created by Vision Growth Partners, as a platform on which to execute a controlled roll up of Regis Corporation’s previously corporate-owned hair salons.
Michael Sarafa, Managing Partner at Vision Growth Partners, commented: “We are pleased to have teamed up with a lender which supports our vision for the growth of the business from both a strategic and financial perspective. CVC Credit was able to rapidly understand the intricacies of the business, which was key to the swift completion of the transaction.”
David DeSantis, Head of CVC Credit Partners’ U.S. Private Debt business, said: “Alline is a stable and attractive business, operating a successful franchise model in a recession resistant industry.” Andrew Eversfield, Director at CVC Credit Partners’ U.S. Private Debt, added: “Cowen was a great partner on this transaction, and we hold the Alline Management Team and VGP in high regard. We are excited to provide our support to help grow the business further in the years to come.”