Catterton has agreed to buy spa services provider Steiner Leisure Limited for $65 per share in cash or about $925 million, which includes assumed net debt.
As a result of the transaction, Steiner Leisure will go private and no longer trade on the NASDAQ.
The deal is expected to wrap up in either the fourth quarter of this year or early next year.
Jefferies LLC is acting as financial advisor to Steiner Leisure, with Dechert LLP providing legal advice. Kirkland & Ellis LLP is serving as legal advisor to Catterton.
Catterton’s latest planned acquisition comes three and a half months after the private equity firm announced that it had made an undisclosed but “significant” investment in fitness studio chain Pure Barre. Catterton is expected back in market this year with its next flagship vehicle, as well as a growth fund that could target $450 million, peHUB previously reported.
Founded in 1901, Steiner Leisure owns a number of skincare, wellness and beauty products that include Bliss, Elemis and Mandara. In November 2011, the company acquired Tampa, Florida-based Ideal Image, a laser hair removal provider, from H.I.G. Capital for $175 million, as previously reported by PE HUB.
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