US private equity firm Catterton has acquired Steiner Leisure, the owner of popular beauty brands Bliss, Remede, Elemis, Jou and La Therapie, for approximately US$925 million, including assumed net debt.
The deal is expected to close in the fourth quarter of 2015 or early 2016 and will see Steiner Leisure, who operates over 200 spas in hotels and on cruise ships worldwide, go private.
The purchase price values the Bahamas-based beauty products manufacturer at US$65 per share, almost US$10 per share more than the US$56.53 closing price Steiner’s stock achieved on August 20, 2015.
“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,” commented Steiner CEO Leonard Fluxman.
J. Michael Chu, Co-Founder and Managing Partner of Catterton, said: “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. We look forward to working with the Steiner Leisure team and its talented employees to drive growth and innovation for consumers as we capitalize on the many growth opportunities in the industry.”