With 37 locations, Eleven Eleven Holdings is the second-largest Sola Salon Studios franchisee and it’s poised to grow even larger after attracting a new group of investors.
A trio of private equity firms— Three20 Capital Group, Geneva Glen Capital and Stonehenge Partners—made a major investment in Eleven Eleven and completed a recapitalization. Eleven Eleven in turn has several active multi-unit development agreements to open another 75-plus Sola Salon locations in Pennsylvania, Southern New Jersey and Tennessee over the next five years. Sola has more than 600 units in the United States, Canada and Brazil.
“Our growth really required additional horsepower,” said David Raduziner, who with Steve Breuner opened their first Sola in 2009. “We sort of outgrew our lending relationship and were ready for deeper pockets to continue our explosive growth path.” Raduziner, Breuner and Breuner’s son, Bo Breuner, will continue to lead Eleven Eleven, with Raduziner as CEO.
Raduziner’s background is in commercial and corporate real estate and Steve Breuner is a former Super Cuts franchisee who grew his unit count in that system to more than 50. “In a nutshell, I understood the business model very well at the outset,” said Raduziner of the Sola concept, which for franchisees is a real estate play where they lease individual salon suites to independent beauty professionals. “Steve brought to the table the in-depth industry experience to really understand our customer from the very beginning.”
Want to learn more about owning a Franchise? Reach out to John Henning, he has almost 20 years in the Franchise Industry as a Franchise Developer, Franchise Owner & Franchise Sales Manager. You can reach John here: john@openafranchise.com