Steiner acquires Cortiva Group for £21m
Therapist training giant Steiner Leisure has continued its aggressive expansion with a deal that will see it acquire rival training firm Cortiva. The deal, which is expected to go through towards the end of the year, was valued at $33m (£21m). Cortiva operates seven massage therapy schools with a total of 12 campuses across the US and achieved revenues of $24.6m (£15.6m) last year. Steiner already runs five training schools and also owns skincare brands Elemis and Bliss, the Mandara and Chavana spa groups and 155 cruise ship spas. In December last year, Steiner bought UK cruise ship spa rival The Onboard Spa Company in a deal that saw it secure an almost total monopoly on the cruise ship spa market. Leonard Fluxman, president and chief executive of Steiner, said, '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.'
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