PARIS — Regis Corp. announced today that it will sell its minority ownership in Provalliance — which operates hair salons primarily in Europe under the brands Jean Louis David, Franck Provost, Jean-Marc Maniatis and Saint Algue — to members of the Provost family.
The cash deal worth 80 million euros, or $104.6 million at current exchange, is expected to close before Sept. 30.
“As part of our ongoing evaluation of non-core assets, we are pleased to have reached this agreement to divest our minority ownership interest in Provalliance,” stated Eric Bakken, Regis’ executive vice president, interim corporate chief operating officer. “We remain focused on enhancing shareholder value through improving the customer experience in our core North American salon operations through simplifying our operating model and supporting our distinct consumer segments with differentiated marketing strategies and product offerings.”
Regis — whose sales for its third quarter ended March 31 were $574 million — is the hair salon industry’s global leader. It owns, franchises or holds stakes in more than 12,700 locations, including Supercuts, Sassoon Salon, Regis Salons, MasterCuts, SmartStyle and Cost Cutters.