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Haymaker and OneSpaWorld to combine in US$948m deal
By Jane Kitchen 07 Nov 2018
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."



News
1 to 12 of 7264 news stories
19 Feb 2020
Spa operator, Champneys, has come to an out of court agreement with West Sussex County Council in the UK, in relation to charges brought against it relating to food safety, the publication of nutritional information ... More
19 Feb 2020
The original Corinthia Hotel in Malta – the Corinthia Palace Hotel – has revealed further details of its new Athenaeum Spa which is scheduled to open March 2020, following a €9m (US$10m, £7.5m) year-long site-wide ... More
19 Feb 2020
ISPA has announced the addition of private coaching sessions for attendees at the upcoming ISPA Talent Symposium. Private 45-minute sessions will be available with International Coaching Federation (ICF) coaches for attendees, to help achieve both ... More
18 Feb 2020
The rapidly expanding Six Senses business, recently acquired by InterContinental Hotels Group (IHG) in a US$300m deal, has appointed IHG veteran Bryan Gabriel as chief commercial officer (CCO). “Joining Six Senses at this time in ... More
17 Feb 2020
A self-help studio marketing itself as a "first-of-its-kind self-development wellness space" will open in the heart of London in March 2020. The House of Wisdom (HOW) will focus on empowering the mind and body through ... More
14 Feb 2020
VIE Hotel Bangkok has relaunched its spa following a four-month renovation and partnered with Thai spa brand ORGANIKA, the organic spa brand created by Thai-Danish actress, Sririta Jensen. The luxury boutique hotel is part of ... More
13 Feb 2020
Guests at Six Senses Spa at Alpina Gstaad, Switzerland can make their own bath bombs and natural cosmetics in alchemy wellbeing workshops which harness the power of natural ingredients. During the 60-minute workshop, guests will ... More
10 Feb 2020
Designer Jean-Michel Gathy has created a 3D origami-inspired feature wall for Four Seasons’ spa sanctuary in its upcoming hotel in Japan – called Four Seasons Hotel Tokyo at Otemachi. Dominating the spa lobby, the flowing ... More
07 Feb 2020
Luxury hotel treatment rooms generate more than double the revenue of "normal" rooms, according to consultancy firm HVS. HVS has published its annual report which tracks spa performance and profitability from 2018 to Q3 2019. ... More
07 Feb 2020
Flexology, which markets itself as "the UK’s first dedicated stretch studio", is planning to expand across London – and ultimately take the concept to a global audience. The independently-owned brand, launched by sisters Alina and Anna ... More
07 Feb 2020
The Arctic Bath Hotel and Spa, designed by Bertil Harström, Johan Krauppi and AnnKathrin Lundqvist, has opened on the Lule River near the small village of Harads in Swedish Lapland. First announced in 2017, it ... More
06 Feb 2020
Hotel group Jumeirah has launched a new Talise Spa at the Jumeirah Beach Hotel in Dubai. Dressed in beige and white marble, the 1,200sq m spa features 10 treatment rooms and a VIP double suite ... More
     
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Jobs   News   Products   Magazine
NEWS
Haymaker and OneSpaWorld to combine in US$948m deal
POSTED 07 Nov 2018 . 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
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."

RELATED STORIES
Steiner Leisure to enter merger with private equity firm for US$925m


Steiner Leisure has signed a definitive merger agreement under which an affiliate of private equity firm Catterton will acquire all of the outstanding shares of Steiner for US$65 (€56, £41) per share in cash. The total transaction value, including assumed net debt, is approximately US$925m (€799m, £599m).
MORE NEWS
Champneys settles out of court in cancer advice case
Spa operator, Champneys, has come to an out of court agreement with West Sussex County Council in the UK, in relation to 19 charges brought against it relating to food safety, the publication of nutritional information and consumer protection laws.
New spa for the original Corinthia hotel
The original Corinthia Hotel in Malta – the Corinthia Palace Hotel – has revealed further details of its new Athenaeum Spa which is scheduled to open March 2020, following a €9m (US$10m, £7.5m) year- long site-wide refurbishment.
ISPA Talent Symposium will offer professional one-on-one coaching sessions
ISPA has announced the addition of private coaching sessions for attendees at the upcoming ISPA Talent Symposium.
“Six Senses has great energy”, says Bryan Gabriel as he steps up to CCO role
The rapidly expanding Six Senses business, recently acquired by InterContinental Hotels Group (IHG) in a US$300m deal, has appointed IHG veteran Bryan Gabriel as chief commercial officer (CCO).
House of Wisdom wellness space to open in London
A self-help studio marketing itself as a 'first-of-its-kind self-development wellness space' will open in the heart of London in March 2020.
VIE Hotel Bangkok partners with Thai-Danish celebrity Sririta Jensen
VIE Hotel Bangkok has relaunched its spa following a four-month renovation and partnered with Thai spa brand ORGANIKA, the organic spa brand created by Thai-Danish actress, Sririta Jensen.
+ More news   
 
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19-21 Feb 2020

ForumPiscine - 12th International Pool & Spa Expo and Congress

Bologna Exhibition Centre, Bologna, Italy
24 Feb 2020

Global Beauty & Wellness Exchange

Montage Palmetto Bluff, Bluffton, United States
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