Private equity firm TSG Consumer Partners acquired Radiance Holdings in a deal Radiance CEO Christina Russell called “a natural and anticipated evolution for Radiance.”
Christina Russell is the CEO of Radiance Holdings.
“With increasing opportunities ahead, we knew it was time to find the right partner for the next phase of our growth,” Russell said.
Radiance Holdings is the parent company of wellness and beauty brands Woodhouse Spa and Sola Salons as well as online retailer BeautyHive. The locations are about 85 percent franchised. The holding company formed in 2020 when Sola acquired Woodhouse Spa. Radiance’s executive team will continue to lead the company. TSG is a consumer-focused equity firm with approximately $20 billion in assets.
Sola has 645 units across North America and Woodhouse has 80 locations across the United States. Sola plans to open 60 to 70 new locations next year. Woodhouse has 15 new spas under construction.
Radiance favored TSG because of its consumer focus and knowledge in both the beauty and franchising industries, Russell said. Other current investments include coffee franchise Dutch Bros, CorePower Yoga and hemp-based beauty product company Hempz. Among its previous investments are Planet Fitness, e.l.f. Cosmetics and Vitaminwater.
“TSG has an impressive track record of building and scaling world-class beauty and franchising brands, which is very aligned with the goals of our leadership team,” Russell said. “And their proven track record of acquiring great brands and adding the rocket fuel for growth is particularly exciting.”
Russell didn’t have any concerns about going forward with the TSG deal, especially because part of the transaction allowed the Radiance exeutive team to stay on. “We couldn’t be more excited to leverage TSG’s resources and expertise to enhance our value proposition for franchisees, beauty care professionals and consumers across our portfolio.”
“This acquisition will allow our team to implement aggressive growth initiatives with Sola and Woodhouse for years to come as the brands strategically target key markets throughout the U.S. and Canada for franchise development,” Russell said.