Form Holdings Corp., a diversified holding company focused on acquiring and developing small to mid-market companies with growth potential, has announced a definitive agreement to acquire XpresSpa, the industry-leading luxury airport spa business. XpresSpa provides massage, reflexology, hair services, nailcare, facials, and waxing to nearly 1 million air travelers each year, as well as an exclusive branded line of products at its 51 locations across 21 major airports. Its Xpress nail, massage, and hair blow-out services are designed specifically for the busy traveler, with treatments completed in 30 minutes or less. "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,” says Andrew D. Perlman, CEO of FORM Holdings. "We believe that by working closely with these businesses, as well as the flexibility afforded by our holding company structure and access to capital, we will be able to realize value for our shareholders by accelerating XpresSpa's growth."
In 2016, XpresSpa anticipates generating more than $40 million in revenue. In the next few years, the brand plans to open more than 50 new spa locations. "We're thrilled to announce this transformative transaction with Form Holdings," says Jankowski. " 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."