Haymaker Acquisition Corp has announced the addition of OneSpaWorld to its portfolio. OneSpaWorld, a leading provider of health and wellness products onboard cruise ships and in destination resorts across the globe, was sold to Haymaker by Steiner Leisure Limited, a portfolio company of L Catterton private equity firm. Through the agreement, Haymaker and OneSpaWorld will combine and begin operating under a new holding company, OneSpaWorld Holdings (OSW Holdings).
The combination will provide Haymaker with benefits from OSW’s 161 cruise ships and 66 destination resorts. Through the partnership, OSW is expecting growth via additional partnerships with cruise lines, new ship launches with current cruise line partners, proven, technology-enabled onboard revenue growth initiatives, continued innovation and expansion of its service and product suite, and accelerating growth of its health and wellness facility footprint at destination resorts worldwide.
“As a global leader in health and wellness and one of the largest wellness center 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,” says Glenn Fusfield, CEO of OSW. “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.”
The transaction, valued at $948 million, is set to close in early 2019. OSW’s senior management will continue to serve in their current roles, while Steven Heyer, CEO and chairman of Haymaker, will assume the role of vice chairman. Andrew Heyer, president of Haymaker, and Marc Magliacano, a 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.