Steiner Leisure announced that it has entered into an agreement for the acquisition of the assets of Connecticut Center for Massage Therapy, Inc. ('CCMT') through its Virginia Massage Therapy, Inc. subsidiary ('VMT'). CCMT operates a post-secondary massage therapy school with three campuses located in Connecticut and a total population of approximately 500 students.
This transaction, which is expected to be modestly accretive to earnings for 2008, has a purchase price of $4.2 million in cash, subject to certain post-closing adjustments.
Leonard Fluxman, President and Chief Executive Officer of Steiner Leisure Limited, said, 'The acquisition of CCMT would further expand Steiner's national presence in the post-secondary massage therapy school market. The combination of CCMT's well-respected massage therapy programs with Steiner's existing schools' programs would provide an enhanced platform for us to seek growth in our student enrollments.'
Closing of the transaction, which is anticipated to take place on or before August 8, 2008, is subject to conditions similar to those in other transactions of this type. Absent satisfaction of those conditions, by that date, either side may terminate this transaction.
Steiner Leisure Limited is a worldwide provider of spa services. The Company's operations include spas and salons on 133 cruise ships, and in 48 resort spas and two luxury day spas. Our cruise line and land-based resort customers include Carnival Cruise Lines, Caesars Entertainment, Celebrity Cruises, Crystal Cruises, Cunard/Seabourn Cruise Lines, Silversea Cruises, Hilton Hotels, Holland America Line, One&Only Resorts by Kerzner International, Marriott Hotels, Norwegian Cruise Lines, Princess Cruises and Royal Caribbean Cruises. Our Elemis Limited subsidiary manufactures its Elemis(R) brand products for use in our cruise ship and land-based spas. This top quality European line of beauty products is also distributed worldwide to exclusive hotels, salons, health clubs and destination spas. Elemis(R), as well as other Steiner products, including La Therapie(R), Ionithermie, and Steiner Hair Care, are available at http://www.timetospa.com.
Steiner Leisure owns and operates four post secondary schools (comprised of a total of 14 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; and Westminster and Aurora, Colorado. 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.
This transaction, which is expected to be modestly accretive to earnings for 2008, has a purchase price of $4.2 million in cash, subject to certain post-closing adjustments.
Leonard Fluxman, President and Chief Executive Officer of Steiner Leisure Limited, said, 'The acquisition of CCMT would further expand Steiner's national presence in the post-secondary massage therapy school market. The combination of CCMT's well-respected massage therapy programs with Steiner's existing schools' programs would provide an enhanced platform for us to seek growth in our student enrollments.'
Closing of the transaction, which is anticipated to take place on or before August 8, 2008, is subject to conditions similar to those in other transactions of this type. Absent satisfaction of those conditions, by that date, either side may terminate this transaction.
Steiner Leisure Limited is a worldwide provider of spa services. The Company's operations include spas and salons on 133 cruise ships, and in 48 resort spas and two luxury day spas. Our cruise line and land-based resort customers include Carnival Cruise Lines, Caesars Entertainment, Celebrity Cruises, Crystal Cruises, Cunard/Seabourn Cruise Lines, Silversea Cruises, Hilton Hotels, Holland America Line, One&Only Resorts by Kerzner International, Marriott Hotels, Norwegian Cruise Lines, Princess Cruises and Royal Caribbean Cruises. Our Elemis Limited subsidiary manufactures its Elemis(R) brand products for use in our cruise ship and land-based spas. This top quality European line of beauty products is also distributed worldwide to exclusive hotels, salons, health clubs and destination spas. Elemis(R), as well as other Steiner products, including La Therapie(R), Ionithermie, and Steiner Hair Care, are available at http://www.timetospa.com.
Steiner Leisure owns and operates four post secondary schools (comprised of a total of 14 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; and Westminster and Aurora, Colorado. 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.