Dubai-based Istithmar World Capital (IWC) has acquired a 40 per cent share in ESPA International, a UK-based global luxury spa company offering total spa solutions.

Espa offers a world-renowned spa design and management division, an extensive natural product range, innovative and effective treatments and post graduate therapist training programmes. Since its inception in 1993, ESPA has become the world’s leading authority on spa and wellness, said a statement.

The value of the deal was not revealed. 

Chief executive and founder of ESPA International Susan Harmsworth, said: ‘I am delighted to be working in partnership with IWC in order to continue to be, and further enhance our reputation as the luxury spa brand of the world.  As the spa goer becomes more sophisticated and internationally travelled, investment in our brands’ underlying infrastructure has become essential in order for us to bring greater value and further extend our services to the clients.  As a brand, our commitment remains to luxury, niche and excellence in spa and wellness”.

Adel Al Shirawi, vice chairman of Istithmar World, said: “Our focus is on iconic brands and the luxury market is paramount to us. Our desire is to continue to build our portfolio of luxury brands, and the ever growing Spa and Wellness sector is a natural direction. In our extensive research of the global Spa market, ESPA International stands above the rest in terms of excellence in standards and reputation.”

Istithmar World Capital is a private equity and alternative investment house headquartered in Dubai, with an office in Shanghai, China. Established in 2003, it's a Dubai World company.
In the four years since its inception, Istithmar World Capital has invested in over 35 companies with total capital deployed in excess of $3 billion and an aggregate enterprise value of  $ 7 billion. - TradeArabia News Service