LDC invests £16m in Rush Hair

Following the deal, Rush will look to double its number of salons nationwide over the next four years. Currently, the company's operations are focused in London and the south-east of England, though it has recently opened locations in Manchester, Liverpool, Nottingham, Birmingham, Bristol and York.

Rush will also open a new training academy in Covent Garden, London, as well as invest in its e-commerce business, which sells hair and beauty products.

The deal is structured as an all-equity buyout transaction, a spokesperson for LDC told unquote".

As part of the deal, the GP's investment directors Alastair Weinel and Tanya Thompson will take a seat on the Rush board.

The transaction marks LDC's second deal of 2016, following its investment in the management buyout of Enterprise Ventures-backed ChargePoint Technology, a UK manufacturer of valves for use in the pharmaceutical, biotech and chemical sectors.

Company
Founded in 1994 and headquartered in Croydon, Rush operates a chain of 85 hairdressing salons and an online e-commerce platform for hair and beauty products. The company generates revenues of £36m, according to a statement issued by LDC, with EBITDA of £4m. It has a headcount of 1,100.

People
LDC – Yann Souillard (managing director); Chris Baker, Alastair Weinel, Tanya Thompson (investment directors).
Rush Hair – Andy Phouli (founder, chairperson); Stell Andrew (founder, creative director).

Advisers
Equity – Shoosmiths (legal); Spectrum Corporate Finance (corporate finance); KPMG (financial due diligence); Pragma Consulting (commercial due diligence); Catalysis (corporate finance); JLT (insurance due diligence).
Management – Deloitte (corporate finance); Osborne Clarke (legal).

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• Topics
• UK / Ireland
• Consumer
• Buyouts
• United Kingdom
• LDC