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SALT LAKE CITY (AP) -- A Bahamas-based company that runs spas and salons on 120 cruise ships is buying the Utah College of Massage Therapy for 28 million dollars in cash.
Steiner Leisure Ltd. said Friday it agreed to the purchase, which includes a four million dollar payment contingent on future performance.
The Utah college generated 28 million dollars in revenue for 2004. It operates seven schools in Arizona, Colorado, Nevada and Utah.
The Steiner Education Group will control a total of 14 schools in eight states with approximately three thousand students once the Utah College deal closes.
Utah College founder Norm Cohn will join Steiner Leisure's management team.
(Copyright 2006 by The Associated Press. All Rights Reserved.)
