Steiner-Leisure Completes $100 Million Spa Deal

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Nassau-based Steiner Leisure Limited has announced that it has completed the $100 million acquisition of all of the issued and outstanding capital stock of Bliss World Holdings, Inc.

The company announced back in November that it had entered into an agreement with Starwood Hotels & Resorts Worldwide to purchase Bliss, a spa and skin care company with free-standing and hotel spa locations, offering services and products under the "Bliss" and "Remede" brands.

The purchase price of the acquisition, funded from existing cash and through borrowings under Steiner's new credit facility, was $100 million.

Leonard Fluxman, President and Chief Executive Officer of Steiner Leisure Limited, said, "We warmly welcome the Bliss team to the Steiner family.

"We are thrilled to begin integrating Bliss products and services into our operations and using our distribution channels to introduce more of the world to the fun, efficacious Bliss brand, as well as to the innovative, premium Laboratoire Remede brand.

"We also look forward to continuing our now expanded relationship with Starwood and its diverse brands."

Founded in 1996, Bliss has grown from a four-room spa in Soho, New York City, into a global skin care product and spa brand. Bliss retails its spa-at-home skin and body care products through its Bliss catalog, blissworld.com web site, Bliss spa retail boutiques and at international retailers including Bloomingdale's, Blue Mercury, Harrod's, Harvey Nichols, Lane Crawford, Neiman Marcus, Saks Fifth Avenue, Sephora, and Ulta. Laboratoire Remede products are sold exclusively at Barney's New York, Blue Mercury, Bliss channels, Harrod's and at Remede Spas and St. Regis hotels.

Steiner Leisure Limited is a worldwide provider of spa services. The Company's operations include shipboard and land-based spas and salons, providing services on 128 cruise ships, a total of 60 resort and hotel spas under its Mandara, Chavana, Elemis, Bliss and Remede brands and a total of five luxury day spas under Elemis and Bliss brands.

In addition, a total of 26 resort and hotel spas operated under Steiner brands by third parties pursuant to license agreements with the Company.

Its cruise line and land-based resort customers include Carnival Cruise Lines, Celebrity Cruises, Crystal Cruises, 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, Princess Cruises, Royal Caribbean Cruises, Seabourn Cruise Lines, Sofitel Luxury Hotels, Starwood Hotels and Resorts and Westin Hotels and Resorts. rwood Hotels & Resorts Worldwide to purchase Bliss, a spa and skin care company with free-standing and hotel spa locations, offering services and products under the "Bliss" and "Remede" brands.

The purchase price of the acquisition, funded from existing cash and through borrowings under Steiner's new credit facility, was $100 million.

Leonard Fluxman, President and Chief Executive Officer of Steiner Leisure Limited, said, "We warmly welcome the Bliss team to the Steiner family.

"We are thrilled to begin integrating Bliss products and services into our operations and using our distribution channels to introduce more of the world to the fun, efficacious Bliss brand, as well as to the innovative, premium Laboratoire Remede brand.

"We also look forward to continuing our now expanded relationship with Starwood and its diverse brands."

Founded in 1996, Bliss has grown from a four-room spa in Soho, New York City, into a global skin care product and spa brand. Bliss retails its spa-at-home skin and body care products through its Bliss catalog, blissworld.com web site, Bliss spa retail boutiques and at international retailers including Bloomingdale's, Blue Mercury, Harrod's, Harvey Nichols, Lane Crawford, Neiman Marcus, Saks Fifth Avenue, Sephora, and Ulta. Laboratoire Remede products are sold exclusively at Barney's New York, Blue Mercury, Bliss channels, Harrod's and at Remede Spas and St. Regis hotels.

Steiner Leisure Limited is a worldwide provider of spa services. The Company's operations include shipboard and land-based spas and salons, providing services on 128 cruise ships, a total of 60 resort and hotel spas under its Mandara, Chavana, Elemis, Bliss and Remede brands and a total of five luxury day spas under Elemis and Bliss brands.

In addition, a total of 26 resort and hotel spas operated under Steiner brands by third parties pursuant to license agreements with the Company.

Its cruise line and land-based resort customers include Carnival Cruise Lines, Celebrity Cruises, Crystal Cruises, 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, Princess Cruises, Royal Caribbean Cruises, Seabourn Cruise Lines, Sofitel Luxury Hotels, Starwood Hotels and Resorts and Westin Hotels and Resorts.

Source: The Nassau Guardian