Business
OneSpaWorld Reports First Quarter Fiscal 2020 Financial Results; Decisive and Bold Actions Taken to Navigate COVID-19 Pandemic
$75 million investment backed by L Catterton demonstrates confidence in long-term business model and significantly bolsters liquidity NASSAU,
About this update from Onespaworld Holdings Limited
[{"type":"text","content":"\n$75 million investment backed by L Catterton demonstrates confidence in long-term business model and significantly bolsters liquidity \n\n NASSAU, Bahamas--(BUSINESS WIRE)--\nOneSpaWorld Holdings Limited (NASDAQ: OSW) (“OneSpaWorld,” or the “Company”), the pre-eminent global provider of health and wellness products and services on board cruise ships and in destination resorts around the world, today announced its financial results for the first quarter ended March 31, 2020. The Company’s first quarter performance was materially impacted by the global response to the COVID-19 pandemic, including actions taken by cruise lines and governmental authorities around the world. These actions include the U.S. Centers for Disease Control and Prevention (“CDC”) No Sail Order issued on March 14, 2020 and extended on April 9, 2020 to continue until the earliest of: (i) the expiration of the Secretary of Health and Human Services’ declaration that COVID-19 constitutes a public health emergency; (ii) the date the Director of the CDC rescinds or modifies the No Sail Order; or (iii) 100 days after the order appears on the Federal Register, which would be July 24, 2020.\n\n\nSubsequent to quarter end, on April 30, 2020, OSW announced a definitive agreement to sell $75 million in common equity and warrants to Steiner Leisure Limited (“SLL”) and its affiliates (collectively “SLL Investors”) and other existing investors and members of OSW management and its Board of Directors. In 2015, an L Catterton-led investor group acquired the OneSpaWorld business through the take-private of SLL. L Catterton is the largest and most global consumer-focused private equity firm in the world. Its experience was instrumental in developing the platform for OneSpaWorld to return to the public markets in March 2019 as the premier operator of Health and Wellness centers at sea.\n\n\nLeonard Fluxman, Executive Chairman of OneSpaWorld commented, “We started 2020 with the highest vessel count and largest vessel additions in our history with our market share exceeding 90%. During the first quarter, we added five incremental net new ships to our fleet of cruise line partners, we furthered our trend towards larger and enhanced health and wellness centers, and we continued to expand our close collaboration with our cruise line partners. We estimated that the revenues lost re...