si

Sign in

Catterton Plans to Acquire Steiner Leisure

Contact Author
Close

Thank you for your inquiry. Please note that the author cannot provide individual medical advice. Also, if you have a customer service question, email customer service at customerservice@skininc.com

Fill out my online form.

Catterton has entered into an agreement to acquire Steiner Leisure Limited for $65 per share in cash. The purchase price represents a premium of about 21.5% over Steiner Leisure's 90-day, weighted-average closing share price on Aug. 20, 2015. The total transaction value is approximately $925 million.

Steiner Leisure owns spas (Bliss Spas, Chavana Spas, Elemis Spas, Mandara Spas, Hotel-Branded Spas, Remède Spas, The Onboard Spa by Steiner and Ideal Image), spa products (Bliss, Elemis, Jou La Thérapie, Remède Steiner), retail outlets (Retail and Travel Spas, timetospa.com/timetospa.co.uk) and schools (Steiner Education Group and Steiner Training Academy). Catterton has investments in consumer beauty brands, including Cover FX and StriVectin.

Steiner Leisure's board of directors unanimously approved the merger upon the recommendation of a special committee comprised entirely of independent directors. The transaction is expected to close in the fourth quarter of 2015 or early in 2016.