News. 10/07/19

Procuritas to become majority shareholder in fast-growing Nordic hair salon player

Procuritas Capital Investors VI (“Procuritas”) teams up with the Founders of Cutters AS to support the international expansion of the company.

Since the opening of the first hair salon in December 2015, Cutters has opened more than 60 hair salons in Norway and has recently started to expand the concept into Sweden, Finland and Denmark.

– We are excited about having Procuritas as our partner since they understand how to support growth companies to expand internationally. In combination with their digital expertise our new partner will be very important for our future journey, says Kristian Solheim, CEO of Cutters.

Cutters’ concept is haircuts performed by professional hairdressers offered drop-in at a fixed affordable price in combination with a slick digital customer journey.

­– In a very short time Cutters has changed the whole hair dresser industry in Norway and we believe there are great opportunities to expand this concept to other markets. The founders and management have done an impressive job in building a scalable platform and concept and we are really looking forward to supporting them in the future, says Mattias Feiff, Partner at Procuritas.

After the transaction Procuritas will own 65 percent of the company while the founders will own the remaining 35 percent. The founders will continue in the day-to-day management of the company and Solheim as the CEO.

The transaction is subject to approval by the Norwegian Competition Authority.

For further information, please contact:
Mattias Feiff
Partner | Procuritas Capital Investors VI Holding AB
Tel. +46 8 506 143 00 / mattias.feiff@procuritas.com

Kristian Solheim
Founder and CEO | Cutters AS
Tel. +47 932 60 757 / kristian.solheim@cutters.no

About PCI VI
Procuritas Capital Investors (”PCI VI”) is a private equity fund focusing on mid-sized companies in the Nordic region. PCI VI launched in 2017, with ca. MEUR 318 in committed capital. With a passion for business, extensive industrial experience and more than thirty years’ track record covering a large variety of transactions, Procuritas has supported over 40 companies with the aim to accelerate their growth and realize their true business potential. Please visit Procuritas.com for more information on current and previous investments.

About Cutters
Founded in 2015 and headquartered in Bergen. Offers a haircut drop-in concept that is based on three key factors: efficiency, quality and price. Efficiency in that the hair cut only takes 15 minutes, quality by having very skilled hairdressers and a fixed price regardless of gender or type of haircut. The customer offer does not include services such as hair washing, head massage, dyeing or loops in the hair, but only quality haircuts and easy styling. Cutters further has invested in a digital back-bone, making it possible for customers to have real-time information around waiting times in all their salons, further supporting the overall customer experience and efficiency. Annual revenues were 156 MNOK in 2018 (profit before taxes 11 MNOK), up from 67 MNOK in 2017 (profit before taxes 0,6 MNOK).

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