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L Catterton portfolio company sells OneSpaWorld in $850.7M deal

Steiner Leisure Ltd., a portfolio company of consumer-focused private equity firm L Catterton Partners, sold OneSpaWorld LLC in an $850.7 million deal, that saw the latter combine with publicly traded special purpose acquisition company Haymaker Acquisition Corp.

Haymaker and OneSpaWorld, which owns and operates spas on cruise ships and resorts, combined under the new holding company, OneSpaWorld Holdings Ltd., the common shares of which are expected to be listed on the Nasdaq Stock Market under the symbol OSW.

L Catterton will hold a significant equity stake in OneSpaWorld Holdings, through its investment in Steiner, which will retain equity in the new holding company, according to a release.

The purchase was financed through a mix of cash in Haymaker's trust account, borrowings, and proceeds from a common stock private placement led by institutional investors.

Haymaker CEO and Chairman Steven Heyer will become vice chairman of OneSpaWorld Holdings, while Haymaker President Andrew Heyer and Marc Magliacano, a member of Steiner's board and managing partner of L Catterton's flagship buyout fund, will be board members of the new company.

Nomura and Stifel acted as capital markets advisers to OneSpaWorld.

Goldman Sachs and Lazard served as financial advisers, Cantor Fitzgerald served as capital markets adviser, Goldman Sachs served as private placement agent and DLA Piper LLP (US) and Ellenoff Grossman & Schole LLP served as legal advisers to Haymaker on the business combination.

Steiner Leisure tapped Nomura and BofA Merrill Lynch as financial advisers and capital markets advisers and Kirkland & Ellis LLP as a legal adviser.