PARIS — Franck Provost’s hair care empire, Provalliance, has changed hands, after Core Equity Holdings took a majority stake in the activity, which is Europe’s leading provider of hair services and products.
Terms of the deal made with Provost were not disclosed.
The executive sold the stake in order to accelerate Provalliance’s development in France and abroad.
Provalliance has a network of more than 3,000 hair salons under 17 banners, including Franck Provost and Jean-Louis David. It also runs Bleu Libellule, an omnichannel distributor of professional hair care products.
Hair care is a swiftly growing beauty category that’s of great interest to investors today.
“We have been impressed by Provalliance’s market leadership and long track record of growth,” said Pierre Heinrichs, a partner at Core Equity Holdings, in a statement. “This investment illustrates our unique positioning, combining both long-term and active ownership to help a focused portfolio of high-quality business unleash their full potential.”
“Franck Provost is exactly the kind of entrepreneur we seek to partner with,” said Arthur de Clermont-Tonnerre, head of France coverage at Core Equity Holdings. “He opened his first salon over 40 years ago and has patiently grown his business into a true European champion.”
You May Also Like
Provost will continue to help drive Provalliance’s strategy. His son Fabien Provost is to remain as managing director in charge of brands’ artistic direction, and Marc Aublet, who served as managing director since 1995, will become group chief executive officer.
“Our partnership with Core Equity Holdings will allow the company to continue to thrive whilst remaining true tour core tenets of family-like stewardship and long-term orientation,” said Franck Provost.
Founders of Bleu Libellule, Caroline and Jean-Philippe Wincker, are joining Provalliance’s management team as general managers of the distribution, product and logistics division.
Core Equity Holdings focuses on companies that have long-term growth potential with enterprise values of between 300 million euros and 1 billion euros.
For more, see: