RESURGENT ACQUIRES $5 TAN
Updated: Feb 19, 2020
EDEN PRAIRIE, MN – February 7, 2020 – Resurgent Capital Partners (Resurgent), a leading operations-focused lower market private equity firm, today announced it has acquired $5 Tan, a chain of 18 tanning salons based throughout the Greater Minneapolis area. Founder of $5 Tan, Michael Pahl, will retain an equity stake in the new entity.
$5 Tan, previously Ultra Tan, was founded in 1996 by Michael Pahl. Pahl recognized a need for simple and reasonable price points combined with top quality equipment, superior maintenance, and exceptional client service to provide a superior value to customers. Resurgent looks forward to continuing to provide consumers superior value while expanding the company locally and into other cities.
“I am excited to partner with Bryce and Dan at Resurgent. I chose to partner with Resurgent because they understood and are excited about the industry, were easy to work with, and respect the legacy and potential of the company I have built,” stated Michael Pahl, Founder of $5 Tan.
In making the acquisition, Resurgent has announced that Laura Johnson, general manager of $5 Tan for the last four years, has been elevated to the role of CEO. Prior to joining $5 Tan, Johnson was an operating manager at LA Fitness in Minneapolis. She has a steadfast dedication to the beauty industry that dates back to 2002, when she was trained in esthiology at Aveda Institute Minneapolis and went on to earn her cosmetology licensure from Regency Beauty Institute.
“I am very excited to be partnering with Resurgent and continuing to work with Michael. Resurgent’s investment will help us grow even faster and provide new expansion opportunities,” stated Laura Johnson, CEO of $5 Tan.
“We see an exciting opportunity to partner with Laura and Michael to continue to grow $5 Tan. We had been looking for an opportunity to enter the tanning market and believe $5 Tan is an exceptional company to start with,” said Bryce Winkle, Founder / Managing Director at Resurgent Capital Partners.
Terms of the transaction were not disclosed.
About Resurgent Capital Partners
Resurgent Capital Partners is a leading operations-focused private equity firm focused on the lower market. Resurgent looks to acquire middle and lower middle market businesses in the technology, business services, transportation and consumer spaces. The firm has deep operating and restructuring expertise and looks for opportunities to apply its network of executive talent and/or technology expertise to both performing and turn-around assets. Resurgent is headquartered in Los Angeles, California. More information is available at www.resurgentcp.com
About $5 Tan
$5 Tan is a recognized and reputable brand in the Twin Cities for customers seeking state of the art tanning equipment and the highest quality products, all at a reasonable price point. Services include: UV tanning, sunless tanning (spray tanning), redlight therapy, hydromassage, massage chairs and cocoon. Tanning lotions, tan accelerators, after-tan moisturizers and skin care products offered are from top professional manufacturers including Australian Gold, California Skin and more. $5 Tan offers different levels of VIP memberships as well as single session options. More information is available at www.fivedollartan.com