The deal, on undisclosed financing terms, adds Drybar to the WellBiz portfolio, which includes Amazing Lash Studio, Elements Massage and Fitness Together. The WellBiz portfolio now totals more than 750 locations in the U.S.
Drybar Holdings will operate 87 Drybars as a franchisee, while WellBiz is now franchisor for 141 locations.
The deal is seen as a way to take Drybar to its “next phase of growth,” according to Drybar Holdings CEO Liz Williams.
About a year ago, the brand’s products business, Drybar Products LLC of Irvine, was sold to Helen of Troy Ltd. (Nasdaq: HELE) for $255 million. The business included Drybar-branded hair dryers, curling and flat irons, shampoos, conditioners, volumizers, brushes and clips.
Helen of Troy, under terms of last year’s deal, granted Drybar a global license to use the trademark in the salons. That license now transfer to WellBiz Brands.