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Stonewater to consolidate day spa market
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Stonewater, a newly formed spa management company based in the US has announced plans to 'tie together already existing and successful day spas into a national spa company.
In an interview on its website, Stonewater CEO Francis Acunzo says:
'I believe our consolidation strategy will strengthen the industry and move it to the next level, not to mention offering the potential of healthy competition that exists in other service businesses such as the hotel and restaurant industries.'
Stonewaters objective is to create the finest collection of day spas across the US by embarking on the first ever spa industry consolidation, acquiring profitable day spas in key metropolitan markets.
Stonewater was founded in 2001 by Acunzo who ran sage Management and development Group - a spa consulting firm which owned and operated three US spas; and US-based investment company Sports Capital Partners whose interests lie in investing in sports and leisure related businesses. Sports capital Partners has committed (US)$15m to Stonewater. Sage has become Stonewater and it is this brand name which will be used for national expansion.
The group is targeting day spas with an annual revenue of (US)$1.5m or more or acquisition and plans to integrate Stonewater signature treatments into existing services in each location.
Now one of the largest day spa companies in the US, Stonewater has acquired and currently owns 11 spas and www.spas.about.com reports it will have an annualised revenue of (US)$33m by December 2002. Details: +1 203 785 9205
Stonewater, a newly formed spa management company based in the US has announced plans to 'tie together already existing and successful day spas into a national spa company.
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