Steiner Leisure, the parent company of spa brands Elemis, Bliss and Mandara, has entered into an agreement to be acquired by private equity firm Catterton for approximately $925m, including debt.
The deal will see Catterton acquire all of the outstanding shares of Steiner Leisure for $65 per share in cash – a move that Steiner’s Board of Directors unanimously approved upon the recommendation of a Special Committee. Steiner Leisure had approximately 13 million shares outstanding as of 30 June, according to Reuters.
Leonard Fluxman, President and Chief Executive Officer of Steiner Leisure, said: "We are proud to partner with Catterton, which has a strong reputation and proven track record of supporting the growth of many of the most successful retail and consumer companies. This transaction will provide Steiner Leisure with greater flexibility to focus on our long-term business initiatives and to improve our role as a global provider and innovator in beauty, wellness and education."
Meanwhile, J Michael Chu, Co-Founder and Managing Partner of Catterton, added: "We are pleased to make this investment in Steiner Leisure, which has an attractive portfolio of distinguished beauty and wellness brands and services. We are excited about the company's future and look forward to leveraging our retail and consumer expertise and network to help Steiner Leisure enhance its position as an industry leader."
