Blo Blow Dry Bar Turns up the Heat with Significant Investment from NewSpring
The World's Original Blow Dry Bar Franchise Positioned for Substantial Growth in Burgeoning Sector
TORONTO, March 19, 2021 // PRNewswire // - Blo Blow Dry Bar 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 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 has 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."
SOURCE Blo Blow Dry Bar
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