Phenix Salon Suites, a salon suite franchise based in Encinitas, received a minority investment from 10 Point Capital, a newAtlanta-based private equity firm. Terms of the deal were not disclosed.
The salon suite franchise, which provides individual stylists with individual suites, has more than 200 locations in 26 states. More than 5,000 stylists use its suites.
Phenix, which employs 11 people at its local headquarters, said the money will be used to fuel further expansion. In the next five years, the company intends to grow to 1,000 locations.
Founder Gina Rivera launched Phenix in 2007 in Colorado Springs. The company's franchisees turn about 5,000 square feet into about 30 individual suites equipped with salon necessities for independent stylists looking to run a salon business without having to pursue ownership. Phenix also provides suites to other service professionals, including nail technicians, massage therapists, aestheticians and chiropractors.
Scott Pressly and Tom Wells, founders of 10 Point Capital, were part of the leadership team that grew restaurant franchise Tropical Smoothie Cafe to more than 640 locations nationwide since 2010.
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