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TAMPA -- Steiner Leisure Ltd. (symbol: STNR) is set to acquire Ideal Image Development Inc. for $175 million in cash.
Ideal Image is a Tampa-based company that provides laser hair removal services to its clients. Led by co-CEOs Joe Acebal and Rick Milkes, the firm operates 68 treatment centers in 21 states, and generated $50 million in revenues in 2009 (see “Hairless Growth,” May 14, 2010). Acebal and Milkes will stay on in their current roles after the deal is completed, a release says.
Steiner Leisure says it expects to close on its acquisition next month, at which point it will pay all $175 million in cash to Ideal Image. Steiner Leisure listed slightly more than $53 million in cash and equivalents on its balance sheet this past June, and will borrow $165 million from a group of lenders including SunTrust Bank to complete the purchase.
Steiner Leisure markets itself as an international service provider in the beauty, wellness and education industries. Its offerings include massage therapy, destination spas and post-secondary educational options in skin care and massage therapy offered on 18 campuses.
In 2010, Steiner Leisure generated $55 million in operating income from $620 million in revenues. Leonard Fluxman leads the firm as CEO.
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