NEW YORK -- Steiner Leisure, the largest cruise spa provider,
reached an agreement to purchase a 60% interest in Mandara Spa,
whose companies operate spas in 50 locations as well as ship spas
for Norwegian Cruise Line, Orient Lines and Silversea Cruises.
Under the agreement, Steiner will pay $29.4 million, $7 million
in subordinated debt and $8 million in Steiner stock for the
interest in Mandara, said Leonard Fluxman, Steiner president and
chief executive officer.
The deal is expected to close early this month.
Steiner is acquiring its interest in Mandara's U.S. operations
from entities controlled by the Pritzker family and Tomas Gottlieb,
Mandara's senior executive, according to a statement.
As part of the transaction, Gottlieb and Mark Edelson, Mandara's
other senior executive, agreed to remain with Steiner in their
Shiseido Co., a manufacturer of cosmetic and personal care
products, will remain a 40% shareholder in Mandara.
"The Mandara transaction will expand Steiner's presence in the
resort spa market significantly," said Fluxman. "This will make us
a leading player in the worldwide spa market."
The pact, Fluxman added, also is "consistent with our intention
of building a portfolio of brands to offer to our maritime and