Steiner Leisure Limited Announces Entry Into Agreement To Acquire The Assets Of The Onboard Spa Company
NASSAU, The Bahamas, Dec. 13, 2010 (GLOBE NEWSWIRE) -- Steiner Leisure Limited (Nasdaq:STNR) today announced that it has entered into a definitive agreement to acquire the assets of The Onboard Spa Company Limited ("Onboard"). The letter of intent for this agreement was previously announced. Onboard provides spa services and sells spa products on a number of cruise lines.
Prior to the closing of this transaction, the principal owners of Onboard will enter into consulting and non-competition agreements with Steiner, and certain indirect shareholders of Onboard, who had previously been involved in the shipboard spa business, will become subject to non-competition agreements.
In connection with this transaction, Steiner has commenced serving P&O Cruises and is continuing negotiations with other cruise lines served by Onboard to serve their vessels.Leonard Fluxman, President and Chief Executive Officer of Steiner, said, "We are very excited to have successfully finalized this agreement and look forward to serving this additional segment of the cruise line industry." Steiner Leisure Limited is a worldwide provider of spa services. The Company's operations include shipboard and land-based spas and salons. We provide our services on 139 cruise ships and at 70 land-based spas. Our land-based spas include resort spas, urban hotel spas and day spas and are operated under our Elemis®, Mandara®, Chavana®, Bliss® and Remede® brands. In addition, a total of 29 resort and hotel spas are operated under our brands by third parties pursuant to license agreements with the Company. Our cruise line and land-based resort customers include Carnival Cruise Lines, Celebrity Cruises, Crystal Cruises, Cunard Line, Harrah's Entertainment, Hilton Hotels, Holland America Line, InterContinental Hotels and Resorts, Kerzner International, Loews Hotels, Marriott Hotels, Nikko Hotels, Norwegian Cruise Line, Planet Hollywood, P&O Cruises, Princess Cruises, Royal Caribbean Cruises, Seabourn Cruise Lines, Silversea Cruises, Sofitel Luxury Hotels, St. Regis Hotels, W Hotels and Westin Hotels and Resorts. Our award-winning Elemis, Bliss and Remede brands are used and sold in our cruise ship and/or land-based spas and are also distributed worldwide to exclusive hotels, salons, health clubs, department stores and destination spas. Our products are also available at www.timetospa.com and www.blissworld.com . Steiner Leisure also owns and operates five post secondary schools (comprised of a total of 17 campuses) located in Miami, Orlando, Pompano Beach and Sarasota, Florida; Baltimore, Maryland; Charlottesville, Virginia; York, Pennsylvania; Salt Lake City and Lindon, Utah; Las Vegas, Nevada; Tempe and Phoenix, Arizona; Westminster and Aurora, Colorado; and Groton, Newington and Westport, Connecticut. Offering degree and non-degree programs in massage therapy and, in some cases, skin care, these schools train and qualify spa professionals for health and beauty positions within the Steiner family of companies or other industry entities.
CONTACT: Steiner Leisure Limited Leonard I. Fluxman, President and Chief Executive Officer (305) 358-9002, ext. 215
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