Drybar could soon be blowing into a city near you: The blow-dry-only salon chain has inked a $16 million deal with Castanea Partners, which gives the Boston-based private-equity firm a minority stake in the company and Drybar the capital with which to expand.
“We believe Drybar has not just national appeal, but global expansion possibilities,” said Janet Gurwitch, an operating partner in Castanea and formerly the chief executive officer of Laura Mercier Cosmetics and the executive vice president of Neiman Marcus. Gurwitch and Paul Pressler, former president and ceo of Gap Inc. and president of Disneyland and Disney Stores, will join Drybar’s board of directors. In addition to the Castanea investment, both Gurwitch and Pressler personally invested in Drybar.
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