Diversified holding company Form Holdings is acquiring XpresSpa, which operates 51 spa locations in 21 airports, in a US$40m (€36m, £30m) stock deal.
New York-based XpresSpa expects to generate roughly that amount in revenue for 2016, and plans to increase its locations to more than 100 in the next few years.
Currently, the majority of its locations are in US airports, but it also operates spas in Amsterdam's Schiphol and Dubai's International airports.
Its Xpress nail, massage and hair blow-out services are designed for busy travelling customers, with treatments completed in under 30 minutes.
"XpresSpa's dominant market share, enormous growth potential and its powerful brand present a compelling value proposition for us, and we are excited to work with CEO Ed Jankowski and his team,” said Andrew D. Perlman, CEO of Form Holdings.
"We're thrilled to announce this transformative transaction with FORM Holdings," said Ed Jankowski, CEO of XpresSpa. "XpresSpa and its more than 750 employees have proudly revolutionized the airport experience for millions of travelers by providing wellness and relaxation offerings. We have experienced and continue to experience significant growth and momentum, and we look forward to leveraging Form Holdings' resources to execute on opportunities that will enable us to further grow our business by delivering an exceptional experience to our customers."
Jankowski, who brings more than 30 years of retail experience, is expected to continue to lead the XpresSpa business as CEO after the transaction closes.
XpresSpa also recently
partnered with Delta Airlines for the launch of its employee SkySpas, which offer discounted massages, skin and nail care, hair styling, makeup application and uniform alterations.
