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Cortiva sells to Steiner
| Steiner Leisure Limited Announces Entry Into an Agreement for the Acquisition of the Assets of Cortiva Group, Inc. |  |
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Thursday, 13 October 2011 16:35
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| Steiner Leisure Limited has entered into an agreement for the acquisition of the assets of Cortiva Group, Inc. ("Cortiva"). Cortiva operates seven post-secondary massage therapy schools with a total of 12 campuses located in Arizona, Florida, Illinois, Massachusetts, New Jersey, Pennsylvania and Washington and which had revenues in 2010 of approximately $24.6 million. Post-closing, Steiner, through its Schools division, would own and operate a total of 30 campuses in 14 states with an anticipated total population of approximately 5,200 students. This transaction, which is expected to be accretive to earnings post integration and neutral to slightly accretive to earnings in 2012, has a purchase price of $33.0 million in cash. Prior to closing, we will determine the extent to which the purchase price will be paid from existing cash and/or through borrowings under our credit facility. Leonard Fluxman, President and Chief Executive Officer of Steiner, said, "The acquisition of Cortiva Institute, a well-known participant in the massage therapy education field and one of our longtime competitors, would considerably expand and fortify the presence of our Schools division in the post-secondary massage therapy school market. The integration of Cortiva's extensive massage therapy offerings into our existing curriculum, as well as the availability of a variety of new campus locations in several regions of the United States new to us, would further assist the growth of our Schools division. We look forward to introducing even more graduates, with increasingly diverse skill sets, into the growing massage therapy and spa industries." Closing of the transaction, which is anticipated to take place in 2011, is subject to conditions similar to those in other transactions of this type including, among others, the receipt of regulatory approval from the Department of Education (the Cortiva schools are eligible to receive Title IV student loan funding). Steiner Leisure Limited is a worldwide provider of spa services. The Company's operations include shipboard and land-based spas and salons. We provide our services on 155 cruise ships and at 68 land-based spas. Our land-based spas include resort spas, urban hotel spas and day spas and are operated under our Elemis(R), Mandara(R), Chavana(R), Bliss(R) and Remede(R) brands. In addition, a total of 28 resort and hotel spas are operated under our brands by third parties pursuant to license agreements with the Company. Our cruise line and land-based resort customers include Azamara Club Cruises, Caesar's Entertainment, Carnival Cruise Lines, Celebrity Cruises, Crystal Cruises, Cunard Cruise Line, Hilton Hotels, Holland America Line, InterContinental Hotels and Resorts, Kerzner International, Loews Hotels, Marriott Hotels, Nikko Hotels, Norwegian Cruise Line, P&O Cruises, Planet Hollywood, Princess Cruises, Royal Caribbean Cruises, Seabourn Cruise Lines, Silversea Cruises, Sofitel Luxury Hotels, St. Regis Hotels, Thomson Cruises, W Hotels and Resorts, Westin Hotels and Resorts and Windstar Cruises. Our award-winning Elemis, Bliss and Remède brands are used and sold in our cruise ship and/or land-based spas and are also distributed worldwide to exclusive hotels, salons, health clubs, department stores and destination spas. Our products are also available at www.timetospa.com and www.blissworld.com . Steiner Leisure also owns and operates five post secondary schools (comprised of a total of 18 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; Westminster and Aurora, Colorado; Groton, Newington and Westport, Connecticut; and Dallas, Texas. Offering 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. |
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Replies to This Discussion
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Permalink Reply by Daniel Cohen on
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But they are propping up the economy providing jobs, certainly wouldn't want to interfere in this recession. I am here and glad to help those who find me. So far that and teaching is keeping me clothed and fed with a roof over my head.
Gordon J. Wallis said:
Seems to me.. If those chiropractors near you.. Really cared about their patients.. They would send them to you.. but then, they probably wouldn't come back.. You have a high art.
Gordon J. Wallis said:
Yea ok...Yea people, including those chiropractors, dont know the true potential of our art..I mean, you can go to a technician and get fair results..but not anything like getting bodywrok from a true professional, like yourself. Not even close.
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Permalink Reply by Gordon J. Wallis on
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But here is the thing... I know that if I was visiting your area...And my back was hurting me real bad.. Would I do myself better by going to one of those Chiropractors or seeing you? The correct answer is obvious to me...And it should be to everybody... People are brainwashed.. Thats also obvious to me. Truth remains hidden.. It really is.. And I think its a shame.
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Well said.. And a four year degree would certainly lend credability to our profession.. However Im not sure that it wouold produce a better therapist? or a qualified one.. I mean other professions have university degrees...And their healing skills are, well, you already know what I think about that.. .. And I believe you know that..And Im sure others know that.. And you are right.. Experience and confidence.. Make a healer in our profession, as apposed to a technician .. If I could open up a massage school that was free of all the current regulations and constraints..Staff it with teachers that had over 20 years experience as massage therapists..Just have them tell students what they know and do.. It wouldn't take four years to produce a new healer. I don't think?.. I don't know.. Maybe I see things wrong? I wonder how long it would take me to teach someone what I know? Not how to pass exams, or get licensed.. Just what I know? Well gotta get ready for work now.. Its a trip for me to go to work.. Gosh I work with sixty women... Im the only male therapist. I think we have 14 therapists all together. It can get hectic behind the scenes sometimes.. But its fun. Daniel, Id like to know what you know someday.
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Gordon I recommend the four year only for those who think they are better off as part of the medical field. For the rest of us a 200 entry level should be plenty to start doing what we do but the experience is more important.
I'd prefer to get the Wellness Massage License than the Medical Massage License. If that didn't allow me to do what I do, I'll become an Ordained Minister and do pretty much any therapy I want under religious exemption of licensing. How about it Gordon? Should we form the Holy Holistic Church of Well-Being?
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lol... hmm.. Maybe....How about.. The Church of Digital Compression? Nah.. Holy Holistic Church of Well-Being sounds better...Well , sense you thought of it.. Can I be the Deacon?
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Sure why not and now in addition to removing pain you can perform weddings, naming ceremonies, blessings, and bris.
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wow.. lol hmm..Uhm..... So what do you have to do to be an Ordained Minister?
Daniel Cohen said:
Sure why not and now in addition to removing pain you can perform weddings, naming ceremonies, blessings, and bris.
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Usually just fill in a form and pay $5 to $200 depending on the online church you want to belong to. Have to check it out more to see what needs to be done to start our own.
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hmm..I will do a little research.. Daniel, have you watched that video,, I believe its called Elbow Dance?
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Found videos and DVDs called Forearm Dance but not one called Elbow Dance. Let me know if you find it.
Gordon J. Wallis said:
hmm..I will do a little research.. Daniel, have you watched that video,, I believe its called Elbow Dance?
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Ok well thats it.. Its a very good DVD.. Forearm Dance.. Might be able to watch clips on youtube.. You can vibe if you like it .. Its defiantly a modern Lomi style..
Daniel Cohen said:
Found videos and DVDs called Forearm Dance but not one called Elbow Dance. Let me know if you find it.
Gordon J. Wallis said:
hmm..I will do a little research.. Daniel, have you watched that video,, I believe its called Elbow Dance?
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Permalink Reply by Therese Schwartz on
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I have both Forearm Dance videos and they totally changed how I do massage. And saved my career! I was in so much pain before, and only working on a few people a week. It's wonderful work, and my clients really love it.
Having a church has some really nice tax benefits!!
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