Provalliance has a global network of 3000 hair salons in France and overseas, many under the Franck Provost and Jean-Louis David banners. The company also operates Blue Libellule, a French omnichannel distributor of professional haircare products.
Provalliance has sold a majority stake to Core Equity Holdings (CEH) for an undisclosed sum. The Brussels-based private equity firm focuses on companies with longterm growth potential with enterprise values of between 300 million euros and one billion euros – AUD$462 million to AUD$$1.5 billion.
Franck Provost, one of the most celebrated hair stylists in France, opened his first salon in Paris over 40 years ago. There are now 600 branded salons in 30 countries, including Australia.
The first Australian salon opened in 2008 in Sydney’s CBD and there are now 16 Franck Provost salons nationwide. The majority – 15 – are in Sydney, making the city second only to Paris for the largest number of Franck Provost salons.
With haircare on a roll, Franck Provost has implemented a growth strategy to open 50 salons across the country by 2023 to become Australia’s largest premium hair salon network.
Franck Provost will continue to be a guiding force of Provalliance’s expansion strategy and his son Fabien will remain as managing director of the company’s artistic division. Marc Aubet, who has been with the Franck Provost brand for over 25 years will become group CEO.
“We have been impressed by Provalliance’s market leadership and long track record of growth,” says Pierre Heinrichs, a partner at Core Equity Holdings. “The investment illustrates our unique positioning, combining both longterm and active ownership to help a focused portfolio of high quality businesses unleash their full potential.”