Steiner Leisure Limited (Nasdaq: STNR) has been on a buying spree that will forever changed the landscape of the spa industry. The company--best known for providing spa services on cruise ships--has acquired over 70 resort and day spas, making it the largest spa services company in the world. In the past few months, Steiner has inked deals with The Greenhouse, Mandara Spas, and the C-Spa Day Spa Group. In a recent press release, Steiner's President and Chief Executive Officer Leonard Fluxman, stated that this consolidation will 'substantially strengthen Steiner's ability to execute its land-based day spa strategy.'

In April of this year, Steiner's purchased the Greenhouse Day Spas for $24.7 million in cash and $3.0 million in Steiner Leisure stock. In addition, $3.0 million and 200,000 options in Steiner Leisure stock can be earned if certain performance objectives are achieved.

Then in July, Fluxman announced in a press release that Steiner will pay $29.4 million in cash, $7.0 million in subordinated debt and $8.0 million in Steiner Leisure Common Shares for the interest in Mandara Spa. Steiner announced that it has entered into an agreement to purchase a 60% interest in each of Mandara Spa LLC and Mandara Spa Asia Ltd. Mandara Spa currently operates spas in more than 50 locations worldwide, principally in Asia and the Pacific, the United States and the Caribbean. Shiseido Co., Ltd., a leading international manufacturer of cosmetics and personal care products will remain, through its subsidiaries, a 40% shareholder in Mandara Spa, and Shiseido products will remain a staple in Mandara Spas.

The investment in Mandara Spa will solidify Steiner's position in the resort market, while essentially eliminating the competition at sea. Mandara Spa has locations in Aruba, the Bahamas, Indonesia, Malaysia, Tahiti, Thailand, Honolulu, and Las Vegas, and strong relations with major hotel and resort operators, including Hilton, Marriott, Sheraton, Westin, Park Place Entertainment, Accor, Sun International, Nikko, Club Med and Imperial Hotels. The company provides spa services for Silversea Cruises, Norwegian Cruise Line and Orient Lines.

The most recent acquisition is the C-Spa Day Spa Group. According to Fluxman, C-Spa 'brings innovation and sound business practices to an emerging industry.' C-Spa operates five day spas in Southern California, with a sixth under development. As part of the transaction, Celeste Dunn, C. Spa's founder, principal shareholder and Chief Executive Officer, will enter into a three-year employment agreement with Steiner Leisure. Under that agreement, Ms. Dunn will serve as the President of Steiner Leisure's North American land-based day spa division.

Visit under press to view press releases regarding Steiner's Greenhouse, Mandara, and C-Spa investments.