NY-based asset manager Blackstone to acquire Korean hair salon chain
The logo of JUNO Hair / Yonhap
Global asset management firm Blackstone announced Tuesday it has agreed to "make a significant investment" in a Korean hair salon chain, amid growing global demand for K-beauty services.
Private equity funds affiliated with the firm have "entered into a definitive agreement to make a significant investment" in JUNO Hair, the New York-based asset management firm said in a press release.
Both JUNO Hair and Blackstone declined to comment on the exact amount of the agreement, though JUNO Hair reportedly valued the entire stake in its brand at 800 billion won ($574.4 million) during negotiations with Blackstone.
"We are seeing explosive global demand for Korean beauty services. Consumer beauty and wellness services are an important investment theme for Blackstone's Asia Private Equity business," Blackstone said.
The asset management firm added that JUNO Hair's founder, Kang Yun-seon, will remain in her role as chief executive officer (CEO) and partner together with Blackstone to drive the hair salon chain's continual growth.
JUNO Hair, which started off as a hair salon in 1982, has grown into a hair salon franchise with around 180 branches hiring over 3,000 skilled designers and care technicians.
The company has also expanded its business to other sectors, including hair products and hair beauty education.
The beauty franchise's consolidated sales for last year are estimated at around 300 billion won, and its earnings before interest, taxes, depreciation and amortization, or EBITDA, are estimated to be around 37 billion won.