Drybar Holdings closed $40.9 million in credit facilities to fund continued growth and working capital for its salon and products businesses, as well as to retire existing debt. Morgan Stanley served as administrative agent, lead arranger and bookrunner for the transaction.

Morgan Stanley Senior Funding placed a $15.5 million senior revolving credit facility for the company. KeyBank and California Bank & Trust also participated in the facility. Drybar also placed a $25.4 million subordinated debt facility with existing investor Castanea Partners.
John Heffner, the company’s CEO, commented, “These credit facilities provide additional resources to execute our growth strategy into many more markets across the country and expand product distribution through existing and new channels. We’re very pleased to be working with our new banking partners, and expanding our relationship with Castanea, to support our goals.”

Drybar currently provides more than 1.3 million services annually across 57 retail locations and distributes its popular line of hair styling products and tools online as well as through all Sephora and Nordstrom locations in the U.S. and Canada.