Toronto-based Premier Salons buys $325 million salon business



    
    Acquisition to make company the second largest salon and spa operator in
    the world.
    

    TORONTO, Feb. 19 /CNW/ - Canadian salon and spa operator Premier Salons
completed its acquisition yesterday of the Beauty Care Division of Regis
Corporation. The deal includes 717 salon and beauty product stores, located
within major malls in the United States and Canada under the banners Pure
Beauty, Trade Secret, Beauty First, and Beauty Express.
    "The acquisition fits nicely with our current group of 400 upscale salons
and spas which operate throughout Canada and the U.S., either within better
retailers such as Saks Fifth Avenue and Holt Renfrew, or at traditional
upscale mall and urban locations," said Brian Luborsky, Chairman and CEO of
Premier Salons. "The acquisition will push us past a number of our growth
targets, as we will now have more than 10,000 employees operating within 1,100
retail locations. With annual sales of $600 million, we are clearly now the
second largest salon and spa operator in the world."
    Twelve of the new stores are located within Canada, the rest are in the
United States. "Even though we are a Canadian based company, over 85 percent
of our business has been in the U.S. since 1994, and so we are very
comfortable operating in the U.S. retail environment. We know that in the past
many Canadian retailers have had difficulties there, but since the
overwhelming majority of our current business is located down south, we know
the market and what it takes to be successful."
    As a result of the acquisition, the company will be adding 51 new jobs at
its corporate office in Markham, ON, and is looking for senior people in real
estate, marketing, information technology, and finance. According to Luborsky,
"The challenging economic environment benefits us by providing a far greater
selection of talented people who we can bring on to assist with this
acquisition. Of course, we don't particularly care for tough times either, but
well-positioned companies can make far greater progress in this environment
than might otherwise be possible."

    Premier Salons is privately held, with its main office in Markham, ON,
and a branch office in Minneapolis, MN.





For further information:

For further information: For questions, photos or to arrange an
interview with Chairman and CEO Brian Luborsky, please contact Claudia Uribe
at the communications department of Premier Salons, curibe@premiersalons.com
or (905) 470-2887 ext. 296

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