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Steiner Leisure acquires Cortiva Group

12 Oct 2011 Steiner Leisure Limited has acquired Cortiva Group, which operates seven massage therapy schools with a total of 12 campuses in the US, in a deal worth US$30m (22m euro, £19m).

Located in Arizona, Florida, Illinois, Massachusetts, New Jersey, Pennsylvania and Washington, the schools generated revenues of US$24.6m (18m euro, £16m) during 2010.

The deal will increase the number of schools in Steiner's portfolio - which it operates through its Schools division - to a total of 30 campuses in 14 states.

Leonard Fluxman, president and CEO 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."

The deal is expected to be completed by the end of 2011 with Steiner taking control of the schools in early 2012.

Steiner Leisure's operations include shipboard and land-based spas and salons, operated under the Elemis, Mandara, Chavana, Bliss and Remede brands.

The group also owns and operates five post secondary schools (comprised of a total of 18 campuses) which offer programmes in massage therapy and, in some cases, skin care.