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Beauty Industry, Mergers and Acquisitions

Drybar Completes $40.9 Million in Credit Facilities

Drybar Holdings says the company is funding its growth.

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By: Marie Redding

Senior Editor, Rodman Media

Drybar Holdings LLC has announced that Drybar has completed $40.9 Million in credit facilities. This placement of funds will allow the company to continue its plans for growth, while giving its salon and products business access to working capital, and the ability to pay existing debts, the company stated.

Morgan Stanley Senior Funding, Inc. is the lead arranger, and placed a $15.5 million senior revolving credit facility. KeyBank National Association and California Bank & Trust, a division of ZB, N.A, also participated, placing a $25.4 million subordinated debt facility with existing investor Castanea Partners.

John Heffner, the company’s Chief Executive Officer, commented, “These credit facilities provide additional resources to execute our growth strategy into many more markets across the country and expand product distribution through existing and new channels. We’re very pleased to be working with our new banking partners, and expanding our relationship with Castanea, to support our goals.”

Drybar currently provides more than 1.3 million services annually across 57 retail locations, and distributes its popular line of hair styling products and tools online as well as through all Sephora and Nordstrom locations in the U.S. and Canada.

Photo above: Drybar’s founder, Alli Webb

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