TORONTO, March 19, 2021 /PRNewswire/ -- Blo Blow Dry Bar, North America's original blow dry bar and the world's largest blow dry bar franchise, announced today that it has received a significant capital injection from NewSpring, a family of private equity strategies. NewSpring is partnering with Blo to accelerate the brand's worldwide franchise expansion and secure its leadership position in the burgeoning industry. Blo Blow Dry Bar currently has 130 locations open and in development. This investment will help the blow dry bar concept reach its goal of opening 300 new locations over the course of the next five years.
"The investment from NewSpring is a testament to Blo's distinct brand reputation, our proven success and the strong growth potential in the blow dry bar category," said Vanessa Yakobson, CEO of Blo Blow Dry Bar. "Blo has experienced significant growth since our inception in 2007. With this partnership, we are positioned for major expansion in both existing and new markets, while we make strategic investments to bolster our brand, system and support programs."
Blo Blow Dry Bar is a well-styled machine with a beautifully crafted business model designed to set up its franchise partners to achieve reliable and consistent results. Blo Blow Dry Bar's impressive expansion track record and promising franchise development plans represents the type of business NewSpring aims to target through NewSpring Franchise, the firm's newest strategy focused on investing in innovative franchise and multi-unit concepts.
"NewSpring's investment in Blo Blow Dry Bar is a landmark for our firm as it represents the first franchise added to our newly formed franchise portfolio," said Patrick Sugrue, Partner of NewSpring Franchise/Investment Team. "Our extensive diligence on the brand revealed the strength of a unique concept in a high-growth sector with growing demand, healthy income potential for its franchise partners, and a strong management team."
Founded in 2007, Blo Blow Dry Bar is known as North America's original and world's largest blow dry bar franchise, with a mission to create a space where people of all ages, ethnicities and orientations are welcomed, represented and made to feel gorgeous while emphasizing the need for self-care and wellness. Combining a sophisticated design with a fun and energetic environment, Blo cultivates a seamless and enjoyable experience for guests upon their arrival, during and after their services. Expertly trained bloers are available for consultation seven days a week to meet the needs of all guests. The brand's hair menu includes seven signature styles – from a sleek ponytail to lively and bouncy curls. Blo Blow Dry Bar also offers makeup services from expert artists on-hand to help guests look and feel amazing for any occasion.
"We're eager to build on the momentum of this partnership to make our catwalk-quality blow outs accessible to women worldwide," added Yakobson. "Our strong culture paired with the best quality service in the industry, along with a winning business model with huge opportunities for growth, results in a resilient force in the industry."
Blo Blow Dry Bar is currently seeking single- and multi- unit operators to join the brand's rapid expansion. For more information about franchise opportunities visit https://franchise.blomedry.com/.
About Blo Blow Dry Bar Blo Blow Dry Bar is North America's original blow dry bar and the world's largest blow dry bar franchise. The company transformed beauty norms and reinvented the salon industry when it launched the "no cuts, no color" concept: only blow outs. Since opening its first location in Canada in 2007, Blo has grown to over 130 locations across the U.S. and Canada and continues to expand rapidly. With a mission to enhance the lives of those in the community through the power of flawless blow outs and beauty services, Blo Blow Dry Bar offers perfectly styled hair and exceptional customer experiences seven days a week. For more information visit www.blomedry.com.
About NewSpring NewSpring partners with the innovators, makers, and operators of high-performing companies in dynamic industries to catalyze new growth and seize compelling opportunities. The Firm manages over $2.0 billion across five distinct strategies covering the spectrum from growth equity and control buyouts to mezzanine debt. Having invested in over 170 companies, NewSpring brings a wealth of knowledge, experience, and resources to take growing companies to the next level and beyond. Partnering with management teams to help develop their businesses into market leaders, NewSpring identifies opportunities and builds relationships using its network of industry leaders and influencers across a wide array of operational areas and industries. To learn more, visit www.newspringcapital.com.