Business
OneSpaWorld Announces $75 million Investment
Private Placement Anchored with Significant Investment from Steiner Leisure, OSW’s Largest Shareholder, and Management Steiner Leisure, backed by L
About this update from Onespaworld Holdings Limited
[{"type":"text","content":"\nPrivate Placement Anchored with Significant Investment from Steiner Leisure, OSW’s Largest Shareholder, and Management \n\n\nSteiner Leisure, backed by L Catterton, to Expand Role on the Company’s Board with the Appointment of Three Directors\n\n NASSAU, Bahamas--(BUSINESS WIRE)--\nOneSpaWorld Holdings Limited (NASDAQ: OSW) (“OneSpaWorld,” “OSW”, or the “Company”), the preeminent global provider of health and wellness services and products on-board cruise ships and in premium destination resorts around the world, today announced a definitive agreement to sell $75 million in common equity and warrants to Steiner Leisure Limited (“SLL”) and its affiliates and other investors, including certain funds advised by Neuberger Berman Investment Advisers LLC and members of OSW management and its Board of Directors. In 2015, an L Catterton-led investor group acquired the OneSpaWorld business when it closed on the take-private of SLL. L Catterton is the largest and most global consumer-focused private equity firm in the world and its experience in the consumer sector was instrumental in developing the platform for OneSpaWorld to emerge as a public company in March 2019 and as the undisputed leader in the operation of Health and Wellness centers at sea.\n\n\nLeonard Fluxman, Executive Chairman of OneSpaWorld, commented, “We are pleased to execute this agreement with and invest alongside our long-standing partner, L Catterton. L Catterton recognizes the enduring value of the cruise industry’s track record of success and growth, the proven appeal of cruising to the global travel consumer, our uniquely-positioned business model and our unmatched global market share. I am excited to have L Catterton increase their role on the Board and enhance their partnership with me and our team. This investment substantially increases our financial strength and liquidity, and attests to investor confidence in our ability to weather this unprecedented crisis, rapidly rescale our operations, and resume our historical record of profitable growth. We are incredibly proud of our team’s resilience and dedication through this difficult time and their commitment to innovate new growth and value drivers as we emerge with even greater competitive strength.”\n\n\nGlenn Fusfield, Chief Executive Officer, commented: “During this extraordinary period, we have focused fi...