Regis completes sale of Provalliance stakeMINNEAPOLIS (AP) — Hair salon operator Regis has completed its 80 million euros ($105.3 million) sale of its ownership stake in Europe's biggest hair salon company, Provalliance.
MINNEAPOLIS (AP) — Hair salon operator Regis has completed its 80 million euros ($105.3 million) sale of its ownership stake in Europe's biggest hair salon company, Provalliance.
Regis Corp., which runs salons including Supercuts, MasterCuts and others, announced in the transaction in April. The move is part of the company's strategy to shed some of its non-core assets. Regis is selling its minority stake in Provalliance to members of the Provost family.
Provalliance SAS operates under the brands of Jean Louis David, Franck Provost and Saint Algue. The Paris-based company is a subsidiary of Provost Participations SAS and its president is Yvon Provost, according to CapitalIQ.
Regis also announced in July that it is selling hair replacement services provider Hair Club for Men and Women to Japan's Aderans Co. for $163.5 million in cash.
Aderans, based in Tokyo, offers hair replacement and restoration products and services. Its brands include Aderans for men, Fontaine for women, and Bosley, a provider of hair loss solutions and medical hair restoration.
Regis owned, franchised or held ownership interests in about 10,000 worldwide locations as of Monday.
Its shares finished at $18.33 on Monday. They have slipped from a 52-week high of $19.54 set on Sept. 21. They fell as low as $13.79 almost a year ago.