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NEWS
On-board spa operator, One Spa World, gets cash injection from L Catterton
POSTED 07 May 2020 . BY Megan Whitby
The agreement will see OSW sell US$75m (£59.8m, €68.4) in common equity and warrants to Steiner Leisure

This investment will sustain the business through an extended period of cancelled voyages and fuel our continued innovation of service offerings and spa experiences
– Glenn Fusfield
Cruise ship and resort operator, One Spa World (OSW), has struck a rescue deal with private equity firm, L Catterton for financial pandemic assistance.

The agreement will see OSW sell US$75m (£59.8m, €68.4) in common equity and warrants to Steiner Leisure, part of the L Catterton portfolio.

OSW was previously owned by Steiner, but was sold to Haymaker Acquisition Corp in 2018 in a transaction valued at US$948m (€825.6m, £720.6m).
OSW has been struggling since the pandemic began and has furloughed 96 per cent of its US and Caribbean resort spa staff and 37 per cent of corporate personnel, repatriated 45 per cent of all cruise ship employees and closed all US and Caribbean destination resorts spas.

Leonard Fluxman, OSW’s executive chair said: “This investment substantially increases our financial strength and liquidity and attests to investor confidence in our ability to weather this unprecedented crisis, rapidly rescale our operations, and resume our record of profitable growth.”

L Catterton acquired OSW in 2015, when it bought Steiner; it later split the group, selling off OSW and keeping the Cortiva Institute, which offers training for massage and skincare therapists, and product lines including skincare brand Elemis and Ideal Image.

Marc Magliacano, L Catterton managing partner and OSW director, commented: “We’re proud to have the opportunity to increase our investment and further our partnership with OSW. We’ve worked with OSW since 2015 and now have re-committed our resources to assist them during these challenging times.”

Glenn Fusfield, OSW CEO, commented: “This investment will sustain the business through an extended period of cancelled voyages and fuel our continued innovation of service offerings and spa experiences.

“This will enable us to fully capitalise on our market position and growth opportunities when normal operations resume.”

The recent deal will see OSW issue approximately 18.8m common shares to Steiner in exchange for the cash infusion. Steiner will also expand its representation on the OSW company board to three of the 10 directors.
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News   Products   Magazine   Subscribe
NEWS
On-board spa operator, One Spa World, gets cash injection from L Catterton
POSTED 07 May 2020 . BY Megan Whitby
The agreement will see OSW sell US$75m (£59.8m, €68.4) in common equity and warrants to Steiner Leisure
This investment will sustain the business through an extended period of cancelled voyages and fuel our continued innovation of service offerings and spa experiences
– Glenn Fusfield
Cruise ship and resort operator, One Spa World (OSW), has struck a rescue deal with private equity firm, L Catterton for financial pandemic assistance.

The agreement will see OSW sell US$75m (£59.8m, €68.4) in common equity and warrants to Steiner Leisure, part of the L Catterton portfolio.

OSW was previously owned by Steiner, but was sold to Haymaker Acquisition Corp in 2018 in a transaction valued at US$948m (€825.6m, £720.6m).
OSW has been struggling since the pandemic began and has furloughed 96 per cent of its US and Caribbean resort spa staff and 37 per cent of corporate personnel, repatriated 45 per cent of all cruise ship employees and closed all US and Caribbean destination resorts spas.

Leonard Fluxman, OSW’s executive chair said: “This investment substantially increases our financial strength and liquidity and attests to investor confidence in our ability to weather this unprecedented crisis, rapidly rescale our operations, and resume our record of profitable growth.”

L Catterton acquired OSW in 2015, when it bought Steiner; it later split the group, selling off OSW and keeping the Cortiva Institute, which offers training for massage and skincare therapists, and product lines including skincare brand Elemis and Ideal Image.

Marc Magliacano, L Catterton managing partner and OSW director, commented: “We’re proud to have the opportunity to increase our investment and further our partnership with OSW. We’ve worked with OSW since 2015 and now have re-committed our resources to assist them during these challenging times.”

Glenn Fusfield, OSW CEO, commented: “This investment will sustain the business through an extended period of cancelled voyages and fuel our continued innovation of service offerings and spa experiences.

“This will enable us to fully capitalise on our market position and growth opportunities when normal operations resume.”

The recent deal will see OSW issue approximately 18.8m common shares to Steiner in exchange for the cash infusion. Steiner will also expand its representation on the OSW company board to three of the 10 directors.
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Celebrity Cruises has selected health and wellness provider OneSpaWorld as the exclusive spa and wellness partner for its fleet.
Celebrity Cruises to launch own spa offering aboard new ship


Cruise operator Celebrity Cruises, a subsidiary of Royal Caribbean Cruises, is launching the Celebrity Apex, a new ship with its own spa offering.
Haymaker and OneSpaWorld to combine in US$948m deal


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.
Kelly Hoppen designs 22,000sq ft nature-inspired spa for Celebrity Cruises


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Auberge Resorts to land in London in 2025 with two-floor spa inspired by Roman bathing
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Texas welcomes WorldSprings: a new 46-pool social bathing hot spot and spa
A large new mineral springs destination has launched in Texas, inspired by some of the world’s most famous hot springs – such as Jordan’s Dead Sea, Iceland’s Blue Lagoon and Mexico’s Grutas Tolantongo.
New study uncovers hidden wellness market segments
A thought-provoking, US national probability study, The WELLSurvey™, has revealed that the majority of Americans now include several health and wellness practices in their everyday lives. They also view the concepts of 'wellness' and 'wellbeing' differently.
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COMPANY PROFILES
SKYY

As a part of AKT Group, SKYY builds upon the rich legacy of our flagship brand, C.O.D.E., with its r [more...]
+ More profiles  
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+ More catalogues  

DIRECTORY
+ More directory  
DIARY

 

28-29 Jul 2024

Les Nouvelles Esthetiques Spa Conference 2024

Southern Sun Rosebank, Johannesburg, South Africa
03-05 Sep 2024

ASEAN Patio Pool Spa Expo

IMPACT Exhibition Center, Bangkok, Thailand
+ More diary  
 


ADVERTISE . CONTACT US

Leisure Media
Tel: +44 (0)1462 431385

©Cybertrek 2024

ABOUT LEISURE MEDIA
LEISURE MEDIA MAGAZINES
LEISURE MEDIA HANDBOOKS
LEISURE MEDIA WEBSITES
LEISURE MEDIA PRODUCT SEARCH
PRINT SUBSCRIPTIONS
FREE DIGITAL SUBSCRIPTIONS