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.