Steiner Leisure Limited (NASDAQ:STNR) ("Steiner Leisure" or "the
Company"), a worldwide provider and innovator in the fields of
beauty, wellness and education, and Catterton, the leading
consumer-focused private equity firm, today announced that they
have completed the transaction under which affiliates of Catterton
will acquire all of the outstanding shares of Steiner Leisure for
approximately $925 million, including the assumption of debt.
"Together with Catterton, we will be well positioned to advance
our leadership in beauty, wellness and education," said Leonard
Fluxman, President and Chief Executive Officer of Steiner Leisure.
"Steiner Leisure is poised to capitalize on the many opportunities
ahead and we look forward to benefitting from the knowledge and
experience of the Catterton team as we work to continue the
Company's positive momentum."
"Steiner Leisure has built a portfolio of industry leading
brands and businesses, including the global leader in spa
management services on land and at sea, renowned skincare brands
Elemis® and Bliss®, as well as the nation's largest branded
cosmetic services treatment provider in Ideal Image," said Michael
Chu, Co-Founder and Managing Partner of Catterton. "We are pleased
to complete the transaction and look forward to partnering with the
outstanding management team at Steiner Leisure to realize the many
growth opportunities ahead."
Steiner Leisure's stock has ceased trading on the NASDAQ Global
Select Market as of the close of market today.
About Steiner Leisure Limited
Steiner Leisure Limited is a worldwide provider and innovator in
the fields of beauty, wellness and education, dedicated to
maintaining the highest quality standards and continually evolving
to include and anticipate new developments within the industry.
Steiner Leisure aims to maintain and expand its existing diverse
portfolio of services, products and brands, as well as to seek out
new opportunities to complement its business.
Steiner Leisure services include traditional and alternative
massage, body and skin treatment options, fitness, acupuncture,
herbal medicine, and medi-spa treatments. Steiner Leisure provides
its customers with a wide-ranging assortment of premium skin, body
and hair care products under the Elemis®, La Thérapie™, Bliss®,
Remède®, Laboratoire Remède® and Jou® brands. Its products are
distributed through over 200 Steiner Leisure-operated day spas,
resorts and spas-at-sea under its Elemis®, Mandara®, Chavana®,
Bliss® and Remède® brands.
Steiner Leisure's Ideal Image is the nation's largest cosmetic
and aesthetic services provider in the U.S. Those services are
provided by highly trained, experienced practitioners through a
nationwide network of 127 treatment centers across 31 states, as
well as two locations in Canada.
Steiner Leisure is also an accredited educator teaching students
the skills necessary to be a spa professional, including massage
and skincare services. For more information, please see
www.steinerleisure.com.
About Catterton
Catterton is the leading consumer-focused private equity
firm with more than $4.0 billion currently under
management and a twenty-six year track record of success in
building high growth companies. Since its founding in 1989,
Catterton has leveraged its category insight, strategic and
operating skills, and network of industry contacts to establish one
of the strongest private equity investment track records in the
middle market. Catterton invests in all major consumer segments,
including Food and Beverage, Retail and Restaurants, Consumer
Products and Services, Consumer Health, and Media and Marketing
Services. Catterton's investments include: Restoration Hardware,
CorePower Yoga, Pure Barre, Sweaty Betty, Outback Steakhouse, Plum
Organics, Chopt Creative Salad Company, Mendocino Farms, Noodles
& Company, PIADA, Van's Natural Foods, Hopdoddy, Protein
Bar, Snap Kitchen, Frederic Fekkai, Baccarat, PIRCH,
Build-A-Bear Workshop, Wellness pet food, Nature's Variety pet
food, Kettle Foods, Odwalla and P.F. Chang's, to name a few.
More information about Catterton can be found
at www.catterton.com.
Forward-Looking Statements
Any statements in this press release about prospective
performance and plans for the Company, the recently completed
merger, and other statements containing the words "estimates,"
"believes," "anticipates," "plans," "expects," "will" and similar
expressions, other than historical facts, constitute
forward-looking statements within the meaning of the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995.
Factors or risks that could cause Steiner's actual results to
differ materially from the results Steiner anticipates include, but
are not limited to statements about the benefits of the recently
completed merger, including future financial and operating results,
plans, objectives, expectations and intentions, and other
statements that are not historical facts. There are a number of
risks and uncertainties that could cause actual results to differ
materially from the forward-looking statements included in this
communication. Consider these factors carefully in evaluating the
forward-looking statements. Additional factors that may cause
results to differ materially from those described in the
forward-looking statements are set forth in Steiner's Annual Report
on Form 10–K for the fiscal year ended December 31, 2014,
which was filed with the Securities and Exchange Commission (the
"SEC") on March 2, 2015, under the heading "Item 1A. Risk
Factors," and in subsequently filed Forms 10-Q and 8-K. The
forward-looking statements represent Steiner's views as of the date
on which such statements were made and Steiner undertakes no
obligation to publicly update such forward-looking statements.
CONTACT: Steiner Leisure Contacts:
Leonard Fluxman
President and Chief Executive Officer
305-284-1415
Stephen Lazarus
Chief Operating Officer and Chief Financial Officer
305-284-1421
Catterton Contacts:
Eric Brielmann / Andi Rose / Alyssa Cass
Joele Frank, Wilkinson Brimmer Katcher
212-355-4449
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