Greenwich, Connecticut-based middle market private equity firm Catterton is taking beauty products retailer Steiner Leisure Ltd. (NASDAQ: STNR) private for about $925 million in cash, including debt.
The purchase price values Steiner at $65 per share. Steiner closed at $56.53 on Aug. 20.
Nassau, Bahamas-based Steiner makes skin and hair care treatment products under the Bliss, Remede, Elemis, Jou and La Therapie brands. In addition, Steiner operates over 200 spas in hotels and on cruise ships.
“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,” says Steiner CEO Leonard Fluxman.
The transaction is expected to close in the fourth quarter and it includes a go-shop period until Oct. 6.
Jefferies LLC and Dechert LLP are advising Steiner’s special committee. Kirkland & Ellis LLP is representing Catterton.
Beauty deals have been picking up in 2015 such as Carlyle Group (Nasdaq: CG)-backed Vitamin World owner NBTY Inc. acquiring Dr Organic; Coty Inc. (NYSE: COTY) picking up 43 beauty brands from Proctor & Gamble & Co. (NYSE: PG); and Unilever plc's (NYSE: UL) deal for Dermalogica.
Earlier in 2015, Catterton partnered with WJ to invest in franchise exercise class operator Pure Barre. WJ Partners’ Jaime Wall spoke to Mergers & Acquisitions about the investment.