NEWS
Haymaker and OneSpaWorld to combine in US$948m deal
POSTED 07 Nov 2018 . BY Jane Kitchen
Haymaker Acquisition Corp. and OneSpaWorld (OSW), a global provider of health and wellness products and services onboard cruise ships and in resorts around the world, have entered into what they call a "definitive business combination agreement" – a transaction valued at US$948m(€825.6m, £720.6m).

Headquartered in Nassau, Bahamas, OSW operates spas onboard 161 cruise ships and at 66 destination resorts globally, and is said to have a more than 80 per cent market share in the outsourced maritime health and wellness market.

Haymaker and OSW will combine under a new holding company, OneSpaWorld Holdings Limited, which is expected to be listed on the Nasdaq Stock Market under the symbol OSW. OSW is being sold by Steiner Leisure Limited, a portfolio company of L Catterton, a global consumer-focused private equity firm.

L Catterton acquired One Spa in 2015, when it bought Steiner Leisure; it later divided Steiner into several parts, including One Spa, as well as Cortiva Institute, which offers training for massage and skin care therapists, and product lines including skincare brand Elemis and Ideal Image.

The combined new company will be led by OSW’s current management team, which operated Steiner for nearly 20 years while it was a public company. OSW chair Leonard Fluxman and CFO and COO Stephen Lazarus served as CEO and president and CFO and COO, respectively, of Steiner for more than 15 years. Fluxman, Lazarus, and the OSW’s CEO since 2016, Glenn Fusfield, lead an internally developed senior management team with over 150 years of combined industry experience.

Upon the closing of the proposed transaction, OSW’s senior management will continue to serve in their current roles. Steven Heyer, CEO and chair of Haymaker, will assume the role of vice chair. Andrew Heyer, president of Haymaker, and Marc Magliacano, a current member of Steiner’s board of directors and managing partner of L Catterton’s Flagship Buyout Fund, will serve as board members of the combined company.

"I am very excited that OSW is re-entering the public markets as a leader in global health and wellness services with an extensive track record of profitable growth and significant, visible expansion ahead,” said Fluxman. "Combining with Haymaker and re-entering the public markets as a scaled, publicly-traded, pure-play operator of health and wellness facilities enhances our ability to deliver the world class service and innovation that our cruise line and resort partners have come to expect from our organization while driving long-term value creation for our shareholders."

Glenn Fusfield, CEO of OSW, commented: "As a global leader in health and wellness and one of the largest wellness centre operators in the world, OSW has a global platform and infrastructure that provides a unique competitive advantage to manage the complexity required to service many of the largest brands in the cruise and hospitality industries. This transaction will allow OSW to continue to execute its global expansion plan, increase the strength and depth of relationships with our existing cruise partners, many of whom we have partnered with for over 20 years, as well as increase our resort spa footprint with hospitality partners."

 


ADVERTISE . CONTACT US

Leisure Media, Portmill House, Portmill Lane,
Hitchin, Hertfordshire SG5 1DJ Tel: +44 (0)1462 431385

©Cybertrek 2018

ABOUT LEISURE MEDIA
LEISURE MEDIA MAGAZINES
LEISURE MEDIA HANDBOOKS
LEISURE MEDIA WEBSITES
LEISURE MEDIA PRODUCT SEARCH
PRINT SUBSCRIPTIONS
FREE DIGITAL SUBSCRIPTIONS
 
Spa Business - Haymaker and OneSpaWorld to combine in US$948m deal...
19 Nov 2018 Spa Business: uniting the world of wellness
 
 
HOME
JOBS
NEWS
FEATURES
PRODUCTS
FREE DIGITAL SUBSCRIPTION
PRINT SUBSCRIPTION
ADVERTISE
CONTACT US
Sign up for FREE ezine
Latest news

07 Nov 2018

Haymaker and OneSpaWorld to combine in US$948m deal
BY Jane Kitchen

OSW operates spas onboard 161 cruise ships and is reported to have more than an 80 per cent share of the outsourced maritime wellness market

OSW operates spas onboard 161 cruise ships and is reported to have more than an 80 per cent share of the outsourced maritime wellness market

Haymaker Acquisition Corp. and OneSpaWorld (OSW), a global provider of health and wellness products and services onboard cruise ships and in resorts around the world, have entered into what they call a "definitive business combination agreement" – a transaction valued at US$948m(€825.6m, £720.6m).

Headquartered in Nassau, Bahamas, OSW operates spas onboard 161 cruise ships and at 66 destination resorts globally, and is said to have a more than 80 per cent market share in the outsourced maritime health and wellness market.

Haymaker and OSW will combine under a new holding company, OneSpaWorld Holdings Limited, which is expected to be listed on the Nasdaq Stock Market under the symbol OSW. OSW is being sold by Steiner Leisure Limited, a portfolio company of L Catterton, a global consumer-focused private equity firm.

L Catterton acquired One Spa in 2015, when it bought Steiner Leisure; it later divided Steiner into several parts, including One Spa, as well as Cortiva Institute, which offers training for massage and skin care therapists, and product lines including skincare brand Elemis and Ideal Image.

The combined new company will be led by OSW’s current management team, which operated Steiner for nearly 20 years while it was a public company. OSW chair Leonard Fluxman and CFO and COO Stephen Lazarus served as CEO and president and CFO and COO, respectively, of Steiner for more than 15 years. Fluxman, Lazarus, and the OSW’s CEO since 2016, Glenn Fusfield, lead an internally developed senior management team with over 150 years of combined industry experience.

Upon the closing of the proposed transaction, OSW’s senior management will continue to serve in their current roles. Steven Heyer, CEO and chair of Haymaker, will assume the role of vice chair. Andrew Heyer, president of Haymaker, and Marc Magliacano, a current member of Steiner’s board of directors and managing partner of L Catterton’s Flagship Buyout Fund, will serve as board members of the combined company.

"I am very excited that OSW is re-entering the public markets as a leader in global health and wellness services with an extensive track record of profitable growth and significant, visible expansion ahead,” said Fluxman. "Combining with Haymaker and re-entering the public markets as a scaled, publicly-traded, pure-play operator of health and wellness facilities enhances our ability to deliver the world class service and innovation that our cruise line and resort partners have come to expect from our organization while driving long-term value creation for our shareholders."

Glenn Fusfield, CEO of OSW, commented: "As a global leader in health and wellness and one of the largest wellness centre operators in the world, OSW has a global platform and infrastructure that provides a unique competitive advantage to manage the complexity required to service many of the largest brands in the cruise and hospitality industries. This transaction will allow OSW to continue to execute its global expansion plan, increase the strength and depth of relationships with our existing cruise partners, many of whom we have partnered with for over 20 years, as well as increase our resort spa footprint with hospitality partners."




Connect with
Spa Business
Magazine:
View issue contents
Sign up:
Instant Alerts/zines

Print edition
 

News headlines
‘Surf City’ gets new sensory coastal spa
‘Surf City’ gets new sensory coastal spa   19 Nov 2018

The Waterfront Beach Resort in Huntington Beach, California, has opened a new 8,000sq ft (743sq m) Drift Spa. The spa is the latest addition at .... more>>
Susan Cain to deliver opening keynote at 2019 ISPA
Susan Cain to deliver opening keynote at 2019 ISPA   15 Nov 2018

New York Times best-selling author and top TED Talk speaker Susan Cain will be the opening keynote speaker at the 2019 ISPA Conference & Expo .... more>>
Good Spa Guide names best UK spas
Good Spa Guide names best UK spas   14 Nov 2018

Winners of this year's Good Spa Guide Awards were announced last night (13 November) at a gala dinner at the SpaLife Conference in Birmingham, UK. .... more>>
New edition of ‘Hydrothermal Spa & Wellness Development Standards’ book adds 50 pages
New edition of ‘Hydrothermal Spa & Wellness Development Standards’ book adds 50 pages   14 Nov 2018

The Global Wellness Institute has released the third edition of the Guide to Hydrothermal Spa & Wellness Development Standards. The popular .... more>>
Limassol's Parklane to open Kalloni Spa
Limassol's Parklane to open Kalloni Spa   14 Nov 2018

The Parklane resort – previously the Le Meridien Limassol – is set to open its new Kalloni Spa as part of an estimated €70m (US$83m, £62m) renovation. .... more>>
Company profile


GOCO Hospitality

GOCO Hospitality has worked in more than 20 countries.

View full profile>>

Catalogue gallery


Featured Supplier

Terres d'Afrique creates 'indigenous' treatment menu for Four Seasons Serengeti

Terres d'Afrique creates 'indigenous' treatment menu for Four Seasons Serengeti

Wellness specialist Terres d'Afrique has completed a partnership project to deliver a bespoke wellness menu for the luxurious Four Seasons Safari Lodge Serengeti in Tanzania. More>>




in this issue

• 'Preventative vision' revealed for NHS
• Escape and Myzone to 'gamify' HIIT classes
• IHG opens the UK's first Kimpton hotel



Spa jobs




Spa Therapists
Salary: OTE £27,000-£32,000
Location: Surrey, UK
Company: Beaverbrook Hotel
Assistant Wellbeing and Fitness Manager
Salary: Competitive
Location: Tring, UK
Company: Champneys Tring
Level 4 Sports Massage Course
Location: Nationwide, United Kingdom
Company: Discovery Learning
Diary dates
Powered by leisurediary.com




24 Apr - 26 Nov 2018

MAPIC Russia

Expocentre, Moscow, Russia


19-20 Nov 2018

Israel Hotel Investment Summit (IHIS)

Hilton Hotel, Tel Aviv, Israel



Spa Business magazine 2018 issue 3
Spa Business
2018 issue 3

View issue contents
View on turning pages
Download PDF
  Promotional feature: The Madison Collection
The Madison Collection is committed to creating high-quality hotel and spa linens while at the same time protecting the environment, promoting workplace wellness and supporting clean water rights. Owner Charmaine T Lang and Gilad Lang, vice president of business development, tell us more More>>
  New opening: Euphoria Retreat
Marina Efraimoglou promises to transform mind, body and spirit with her new spa in Greece More>>


Spa Business magazine 2018 issue 2

Spa Business
2018 issue 2

View issue contents
View turning pages
Download PDF
  On the cover: Henri & Dominique Chenot
Fresh investment spurs new growth for the Chenot Group More>>
  Research: Working on it
Therapist and spa manager myths debunked in ISPA’s first Spa Workforce Study. Colin McIlheney reports More>>


Published by The Leisure Media Company Ltd Portmill House, Portmill Lane, Hitchin, Herts SG5 1DJ. Tel: +44 (0)1462 431385 | Contact us | About us | © Cybertrek Ltd