NASSAU, The Bahamas, Jan. 4, 2010 (GLOBE NEWSWIRE) -- Steiner Leisure Limited (Nasdaq:STNR) today announced that it has completed the acquisition of all of the issued and outstanding capital stock of Bliss World Holdings, Inc. ("Bliss"). As announced by Steiner on November 2, 2009, Steiner entered into an agreement with Starwood Hotels & Resorts Worldwide, Inc. ("Starwood") to purchase Bliss, a spa and skincare 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 skincare 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. We provide our services on 128 cruise ships, a total of 60 resort and hotel spas under our Mandara(r), Chavana(r), Elemis(r), Bliss(r) and Remede(r) brands and a total of five luxury day spas under our Elemis and Bliss brands. In addition, a total of 26 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 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. Our Elemis Limited subsidiary manufactures its Elemis 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, department stores and destination spas. Elemis, as well as other Steiner products, including La Therapie(r), Ionithermie, and Steiner Hair Care, are available at www.timetospa.com.
Steiner Leisure also owns and operates five post secondary schools (comprised of a total of 17 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; and Groton, Newington and Westport, Connecticut. 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.