Sally Beauty Holdings, Inc. (“Sally”) through its affiliates is the world’s largest distributor of professional beauty supplies. Sally provides the channels that allow manufacturers of beauty supplies to reach customers, both professional and non-professional. Sally Beauty Company, Inc. began as a one-store operation in New Orleans, Louisiana in 1964. The Company expanded slowly until the 1980s, when it began to grow rapidly through acquisition and new store openings. In 1982, Sally moved its corporate headquarters to Denton, Texas following the acquisition of a Denton-based chain. In 1985, Sally acquired a major full-service (professional only) beauty supply distributor servicing the Midwestern United States. The growth of the full-service business led to the formation of the company now known as Beauty Systems Group LLC, focusing on distribution solely to the professional trade.