The transaction was completed at the end of last weeks and secures a number of brands that include Elemis, La Thérapie, Bliss, Remède, Laboratoire Remède and Jou for a price tag of $925 million.
Bahamas-based Steiner bought the Bliss and Remède brands back in 2010, when it was established as a spa brand, before the acquisition took it into the cosmetics category, too.
The deal includes all of the outstanding shares in the Steiner business, as well as the assumption of all it outstanding debts.
Cosmetics and leisure services
As well as the range of cosmetic and personal care brands, the company is also involved in related leisure services that include massage, body and skin treatment options, fitness, acupuncture, herbal medicine, and medi-spa treatments.
"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."
First major move into cosmetics
Steiner has an existing portfolio of consumer-related businesses that are estimated to be valued at $4.0 billion so the addition of the Steiner business will make a major impact to its development.
Indeed, this is Catterton’s first major move into the cosmetics area. Although it does have leisure activities related businesses, it is also present in the food and beverage as well as the retail and restaurant sector.
Catterton will be looking to leverage Steiner’s position as on as the largest provider of cosmetic and aesthetic services in the US, which include a network of 127 treatment centers in 31 states.