NEW YORK -- Cruise ship spa operator Steiner Leisure Ltd. reached
an agreement to acquire Greenhouse Day Spas, an operator of 11
land-based luxury spas in New York, Beverly Hills, Calif., and
Steiner will pay Greenhouse $24.7 million in cash and $3 million
in Steiner Leisure stock. The deal is expected to close on May
Greenhouse owners Gerald and Lee Katzoff will continue their
operational involvement in the company.
Steiner will license the right to use the Greenhouse name to the
Katzoffs, who will continue to own and operate Greenhouse's
Arlington, Texas, spa, which is not part of the transaction.