Steiner Leisure has secured an agreement to acquire all issued and outstanding capital stock of Ideal Image Development, the US-based provider of laser hair removal treatments.

Ideal Image currently has 68 facilities in more than 20 states across the country, 17 of which are operated by franchisees. It is a company "exclusively" focused on laser hair removal.

The deal price is US$175m (EUR126.8m, £110.6m) and is being funded with existing cash and through borrowings under a new credit facility from lenders including SunTrust Bank.

It is intended that the acquisition will help Steiner to expand its current portfolio of services, while also taking advantage of new opportunities that complement the business.

Steiner president and chief executive officer Leonard Fluxman said: "Laser hair removal represents an approximately $2.1bn (EUR1.5bn, £1.3bn)market and is experiencing rapid growth supported by positive demographic, cultural and lifestyle trends.

"The effective and convenient results offered by Ideal Image complement our philosophy of enhancing the quality of life of our guests by providing a range of beauty and body treatments of the highest calibre in our facilities."