Townsend & Lockett represented the Lorean Group, a Philadelphia based private investment firm, and its partner investment firm, which is an Atlanta based private investment firm, in the acquisition of True Glory, LLC, the largest and most recognized branded virgin hair extension retailer in the Southeast region of the United States. The transaction was finalized on June 21, 2016.
Following the transaction, the President and CEO of True Glory Hair, Kevin Keel remained in his position, Marcus Mayo, Manager of the Principal investor and other new investors became directors of the newly formed board of directors.
CEO Kevin Keel, a former scientist for the Department of Agriculture, and subsequent serial entrepreneur, grew True Glory from a small operation into the largest virgin hair retail in the Atlanta market, consisting of two retail locations and a rapidly growing e-commerce presence in less than five years. Founded upon the mission to provide the highest quality virgin hair at the most affordable price, True Glory, has successfully become the market leader in virgin hair extensions, focused specifically on the African American consumer.
“We are excited about our partnership with Kevin and his team at True Glory. They have achieved tremendous success by focusing on the ever changing needs of the customer and being ahead of the curve, through new product innovation” said Marcus Mayo, Managing Director of Lorean Group. “Lorean looks to amplify True Glory’s ability to meet the growing customer demands through improved operational efficiency and strategic investments. We intend to rapidly expand the business into new markets, while maintaining the core values of the company, which are to deliver to customers, the highest quality product at the lowest price.”
“In many respects, the multi-billion-dollar hair extensions industry has overlooked the hard-working customer who wants to look good, while not breaking the bank. Since inception, True Glory has sought to cater to that customer by providing affordable, beautiful, long lasting hair, that performs in all conditions” re-iterated Kevin Keel, CEO of True Glory Hair. “Our client approval is reflected in our success as the most recognized branded virgin hair retailer in the market. And I thoroughly believe, through our partnership with the Lorean Group and new investment partners, that True Glory will cement itself as the industry leader nationwide.”