Franworth has happily sold its shares in The Lash Lounge to Riverside Capital, which serves as the cornerstone for their new boutique beauty platform.
This marks a significant milestone in Franworth’s journey, having partnered with Anna Phillips, the founder of The Lash Lounge, back when it was just a small business with six units in Dallas, Texas.
With Franworth’s support, The Lash Lounge expanded rapidly to over 130 operating units and another 140 units sold. Dave Keil, reflecting on his time as Anna’s first CEO, expresses pride in their growth from 19 to 61 units in their initial year and ongoing support since then. The success story wouldn’t be complete without acknowledging the pivotal role played by Meg Roberts, the current CEO of The Lash Lounge, and the dedication of its leaders and franchisees.
As Franworth moves forward, it is redefining its purpose. John Rotche, Franworth’s Founder and CEO, emphasizes their commitment to fostering brighter futures for founders, franchisor teams, and entrepreneurs joining their family of brands. This shift coincides with Paul Blavin joining as a partner, sharing Franworth’s passion for creating exceptional opportunities. The company expresses gratitude to its original partners and supporters for their contributions along the way.
Furthermore, Franworth is undergoing reorganization into a leader-led structure, with John Rotche retaining his role as Founder and CEO, and Dave Keil as President. The executive team now includes Jennifer Fields as COO, Megan Conway as CMO, Jonathan Koudelka as General Counsel, and Dave Taccolini returning as CAO. Additionally, Leo Blavin has been brought on board to drive new business growth for Franworth’s Supply Chain division.
Key Points:
- Background and Achievement: Franworth has successfully divested its stake in The Lash Lounge to Riverside Capital, marking a significant accomplishment. The Lash Lounge, originally a small business in Dallas, Texas, experienced exponential growth with Franworth’s support, expanding from six units to over 130 operational units and additional units sold.
- Leadership Recognition: Dave Keil, Anna Phillips’ first CEO, reflects on their journey, highlighting the substantial growth achieved during his tenure. The success of The Lash Lounge is attributed to the vision of Anna Phillips and the ongoing support from Franworth, with Meg Roberts, the current CEO, also acknowledged for her leadership role.
- Mission Refocus: Franworth is redefining its mission to focus on creating opportunities for founders, franchisor teams, and entrepreneurs. This realignment coincides with the addition of Paul Blavin as a partner, who shares Franworth’s mission and vision.
- Gratitude and Recognition: Franworth expresses gratitude to its original partners and supporters for their contributions to the company’s growth and success.
- Organizational Changes: Franworth is undergoing reorganization, transitioning into a leader-led organization. The executive team composition is outlined, including new appointments and roles to support the company’s objectives.
Overall, the announcement signifies a strategic shift for Franworth, consolidating its achievements, refocusing its mission, and restructuring its organization to pursue further growth and opportunities in the franchise industry.
About Franworth
Based in Ann Arbor, Michigan, Franworth specializes in developing, nurturing, and expanding franchise brands by providing mentorship, education, and top-notch support, thereby empowering entrepreneurs and fostering promising futures. Boasting over four and a half centuries of combined franchising expertise, the Franworth team has garnered prestigious accolades within the industry for consistently growing brands through the franchise model. Among Franworth’s current franchise portfolio are MilkShake Factory®, sugaringLA®, MosquitoNix®, Garage Kings®, HealthSource America’s Chiropractor®, and Degree Wellness®.
About Riverside Capital
Riverside cultivates enduring expansion by implementing essential operational enhancements and incorporating additional acquisitions. The company tends to collaborate with sellers who wish to maintain their involvement in the business and collaborate with Riverside to stimulate growth.
With over 1,000 investments under its belt, Riverside has refined its strategy for identifying promising smaller companies. Teams comprised of financial and operational specialists strive to facilitate a swift and equitable process that fosters positive results.
The focus lies on organic growth achieved through the introduction of new products, market expansion, operational enhancements, and process refinement. Additionally, strategic acquisitions are carefully evaluated to potentially expedite growth.
About The Lash Lounge
At The Lash Lounge, they pride themselves on being the epitome of excellence. Their dedication to superior training, meticulous application techniques, top-notch products, and streamlined processes sets them apart. Every lash receives individualized attention, meticulously placed by hand to realize your unique vision. Whether opting for classic, volume, hybrid, or mega volume extensions, their skilled stylists are equipped to craft the perfect look tailored to your preferences.
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