Steiner Purchases UCMT

Spa operator Steiner Leisure recently announced its purchase of the Utah College of Massage Therapy (UCMT) for $28 million, with a $4 million payment contingent on future performance. The deal is expected to close in the second quarter of 2006.

Steiner’s operations, which are based in Nassau, Bahamas, currently include both cruise-line and land-based resort spas, as well as a line of skin care products. Steiner Education Group, a subsidiary of Steiner Leisure, operates several postsecondary education centers, including Baltimore School of Massage, Florida College of Natural Health, and Virginia School of Massage.

The acquisition of UCMT’s seven campuses, with locations in Arizona, Colorado, Nevada, and Utah, will make a total of 14 massage training facilities in eight states, yielding a combined 3,000 students.

Norman Cohn, founder of UCMT, will hold a position on Steiner’s management team.