Private equity firm CI Capital Partners has acquired a majority interest in spa consultancy and management firm WTS International.
The deal – for which no financials were released – will see the WTS management team retaining significant equity ownership in the company. The team will also continue to lead the company.
"We have achieved remarkable growth and maintained our leadership position in the spa, lifestyle, fitness, and wellness services industries," said WTS founder and CEO Gary Henkin.
"I am very proud of all that we have accomplished and am excited to continue the company's growth trajectory through this partnership with CI Capital."
Shortly after the deal was confirmed, WTS named Steven A. Rudnitsky as vice chair of its board of directors.
An industry veteran, Rudnitsky most recently served as president and CEO of Miraval Group, where he oversaw the sale of Miraval to Hyatt Hotels Corporation. He has also held executive roles at Wyndham and Dolce and was a board member of ESPA International.
Rudnitsky has been tasked with assisting Henkin in executing WTS's expansion plans, which include pursuing "strategic add-on acquisitions".
"Steve's successful career in leading elite hospitality brands through periods of growth and transformation and in helping to build major consumer brands will be a tremendous asset to WTS as we enter this new, exciting stage of the company's history," Henkin added.
