Southlake-based Boardroom Salon for Men, a premium men’s salon operator and franchisor with 30 company-owned and franchised units across Texas, Oklahoma, Georgia, and Tennessee, announced the closing of an investment by affiliates of LightBay Capital.
Under the terms of the transaction, LightBay will own a majority stake in the company, with co-founders Bruce and Heather Schultz retaining significant ownership. As a result of the investment, Boardroom expects to accelerate its growth plans by significantly expanding the number of salons and markets in which it operates.
Boardroom Salon for Men was founded in 2004 by Bruce and Heather Schultz. The salon combines the community and nostalgia of an old-time barbershop, outstanding client service, and a 1920s country club environment.
Boardroom Salon for Men was No. 3021 on the Inc. 5000 list for 2018, reporting revenues of $17 million, according to the publication.
“Bruce, Heather, and the leadership team have done a remarkable job of building a differentiated, premium experience for Boardroom’s clients and team members,” said Adam Stein, partner and co-founder of LightBay. “We are excited to partner with management to support the company’s national expansion and bring Boardroom’s high-quality services to new markets.”
“I want to thank all of our outstanding team members for their teamwork and dedication in delivering exceptional client service over the last 14 years to make Boardroom the ‘Authority in Men’s Grooming,’ as well as the preferred place to work,” said Bruce Schultz. “I also want to thank our valued clients, whose support has helped us grow to 30 locations, and who will be integral to our nationwide expansion. We are thrilled to welcome LightBay as our partner, whose capital, network of relationships, and experience will be valuable as we grow our brand and expand our footprint.”
LightBay is represented by Massumi + Consoli LLP as its legal counsel, and by Harris Williams as its financial advisor. Boardroom is represented by Ferguson Braswell Fraser Kubasta PC as its legal counsel, and by Deloitte Corporate Finance LLC as its financial advisor.