H.I.G. Capital Completes Sale of Ideal Image
MIAMI – November 1, 2011 – 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.