H.I.G. Capital, LLC, a leading global private equity investment firm,
today announced the successful sale of its portfolio company Ideal Image
for $175 million to Steiner Leisure (NASDAQ:STNR).
Based in Tampa, FL, Ideal Image is the nation’s largest dedicated laser
hair removal provider. The Company provides the highest quality laser
hair removal services, providing a unique combination of a quality
medical experience and an upscale retail setting. Since its founding in
2001, the Company has provided over 2 million treatments and has grown
to 71 centers in 22 states nationwide.
“H.I.G. has been incredibly supportive of our growth strategy, and has
been a value-added partner as we built out our team, our infrastructure,
and our national footprint. Their continued support has been
instrumental to the growth of Ideal Image, even through the recession,
and we have valued their insight in helping us establish ourselves as
the leader in our industry,” said Joe Acebal and Rick Mikles, Co-Chief
Executive Officers of Ideal Image.
“We are proud to have supported the Ideal Image team and their unique
value position in the growing, attractive laser hair removal market.
They have developed an extremely robust platform which includes
best-in-class medical training, marketing, R&D, IT, recruiting, site
selection and customer service,” commented Craig Burson, Managing
Director of H.I.G. Growth Partners. “The Ideal Image team has been able
to grow its corporate center count by over ten times during our
investment period, resulting in the nation’s largest dedicated provider
in the sector, and an outstanding investment outcome for H.I.G. Capital
and its investors.”
About H.I.G. Capital
H.I.G. Capital is a leading global private equity investment firm with
more than $8.5 billion of equity capital under management. Based in
Miami, and with offices in Atlanta, Boston, New York, and San Francisco
in the U.S., as well as affiliate offices in London, Hamburg and Paris
in Europe, H.I.G. specializes in providing capital to small and
medium-sized companies with attractive growth potential. H.I.G. invests
in management-led buyouts and recapitalizations of profitable and well
managed manufacturing or service businesses. H.I.G. also has extensive
experience with financial restructurings and operational turnarounds.
Since its founding in 1993, H.I.G. invested in and managed more than 200
companies worldwide. The firm's current portfolio includes more than 50
companies with combined revenues in excess of $8 billion. For more
information, please refer to the H.I.G. website at www.higcapital.com.
About H.I.G. Growth Partners
H.I.G. Growth Partners is the dedicated growth capital investment
affiliate of H.I.G. Capital. H.I.G. Growth Partners seeks to make both
majority and minority investments in strong small-cap growth oriented
businesses located throughout North America and Europe. H.I.G. Growth
Partners seeks to invest $5 million to $25 million in equity in a given
growth investment. H.I.G. Growth Partners considers investments across
all industries, but focuses on certain high-growth sectors where H.I.G.
has extensive in-house expertise such as healthcare, consumer products,
technology-enabled financial and business services, interactive media
and industrial technology. For more information, please refer to the
H.I.G. Growth website at www.higgrowth.com.