As a measure of the Firm’s success in driving business improvements, Private Equity International recognized CD&R with an award for Operational Excellence in October 2012 for its investment in Sally Beauty. Under CD&R’s ownership, revenues and EBITDA for Sally increased 49% and 101%, respectively, while margins expanded 430 basis points. Sally pursued a number of initiatives to drive earnings growth, including initiatives focused on improving sales productivity at the Company’s 4,400-store network, accelerating new store openings, augmenting profitability, growing internationally, and strategically making acquisitions.