Steiner to be sold to private-equity firm Catterton
Elemis owner Steiner Leisure is to be acquired by private equity firm Catterton for $925million (£589m) including debt, in a deal which will see the company taken private.
Steiner, which also operates more than 200 spas under brands including Mandara, Bliss and Chavana, will be acquired by an affiliate of consumer-focused private equity firm Catterton, which owns companies, including restaurants, retailers and wellbeing brands.
Steiner’s president and chief executive Leonard Fluxman 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.
He added, “Catterton's partnership is an important endorsement of our brands and the hard work and commitment of our team. We are confident that with Catterton's support and expertise in beauty, health and wellness, we are opening an exciting new chapter for our employees, customers and all our stakeholders."
Catterton’s co-founder and managing partner J. Michael Chu 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.
He added, “We look forward to working with the Steiner Leisure team and its talented employees to drive growth and innovation for consumers as we capitalise on the many growth opportunities in the industry."
The transaction is expected to close in the fourth quarter of 2015 or early in 2016.