Ideal Image bought for $175M

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.