Beauty Brands founder Bob Bernstein has sold a controlling interest in his Kansas City-based salon and spa retailer to an unnamed private equity firm, and two former executives from one of Beauty Brands’ top competitors will now lead the company.
The move is designed to transform Beauty Brands, which has grown to 55 locations in 11 states since it was founded in 1995, into a national player capable of competing against companies like Ulta Beauty and Sephora.
Bernstein couldn’t comment on specifics of the sale because of a confidentiality agreement with the purchaser, a California-based firm. But he said Beauty Brands will keep its headquarters in Kansas City, where 13 of its 55 stores are located. Bernstein’s son, David Bernstein, has stepped down as president of the company and will be replaced by Rich Bos, who spent two decades at Ulta.
Bob Bernstein is the co-founder, chairman and CEO of Bernstein-Rein Advertising and was one Blockbuster Video’s largest franchisees.