The purchase price represents a 21.5% premium over Steiner Leisure's 90-day weighted average closing share price on Aug. 20.
Steiner Leisure president and ceo Leonard Fluxman said Catterton has a strong reputation and track record of supporting the growth of many successful retail and consumer companies, with expertise in beauty, health and wellness.
The sale will help Steiner Leisure improve as a provider and innovator in those areas and enable it to focus on long-term initiatives, Fluxman added.
According to its recent second quarter financial report, Steiner Leisure served an average of 145 cruise ships in Q2.
Catterton currently has more than $4bn in private equity under management. Among its holdings are Restoration Hardware, CorePower Yoga, Pure Barre, StriVectin anti-aging products, Outback Steakhouse, Frederic Fekkai, Baccarat, Nature's Variety pet foods and P.F. Chang's.
The transaction is expected to close in the fourth quarter, or in early 2016. It is not subject to a financing condition.
The agreement provides for a 'go-shop' period until Oct. 6 when a Steiner Leisure special committee, assisted by financial adviser Jefferies LLC, may actively solicit alternative proposals to acquire Steiner from third parties.
Just after plans for the Catterton sale were disclosed, New York-based law firm Levi & Korsinsky announced it will be looking at whether the Steiner Leisure board had adequately shopped the company and whether Catterton is underpaying for STNR shares.