Steiner Leisure has signed a definitive merger agreement under which an affiliate of private equity firm Catterton will acquire all of the outstanding shares of Steiner for US$65 (€56, £41) per share in cash. The total transaction value, including assumed net debt, is approximately US$925m (€799m, £599m).

Steiner Leisure’s board of directors unanimously approved the merger on the recommendation of a special committee, comprised entirely of independent directors. The committee said in a statement: “Our board has been committed to maximising value for our shareholders and we believe that this all-cash transaction with Catterton accomplishes that goal.”

The transaction is expected to close in the fourth quarter of 2015 or in early 2016.

Leonard Fluxman, president and CEO of Steiner Leisure, said: “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. Catterton’s partnership is an important endorsement of our brands and the hard work and commitment of our team.

Catterton is a consumer-focused private equity firm with more than US$4bn (€3.5bn, £2.5bn) currently under management and a background in building high growth companies.

Steiner Leisure Limited is a worldwide provider and innovator in the fields of beauty, wellness and education.

Steiner services include traditional and alternative massage, body and skin treatment options, fitness, acupuncture, herbal medicine, and medi-spa treatments. Steiner 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-operated day spas, resorts and spas-at-sea under its Elemis, Mandara, Chavana, Bliss and Remède brands.

Steiner is also an accredited educator, teaching students the skills necessary to be a spa professional, including massage and skincare services.