HoE Wellness acquires Serena Spa
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Mumbai: HoE Wellness Pvt. Ltd, a company which operates Spazure and Spa Express spas at airports, hospitals and hotels, has acquired Serena Spa Pvt. Ltd for an undisclosed amount.
Serena Spa has 18 spas in luxury resorts and boutique hotels across the Maldives, India and Seychelles. HoE Wellness has 17 spas in India and three in Spain.
“With this acquisition we get into the premium space and into new markets,” said Bhavna Vohra, founder and managing director, HoE Wellness.
She did not disclose the size of the deal.
Over the next two years, the company plans to invest Rs.20-30 crore on expanding the business and opening about 25 spas in India and overseas, said Vohra while sharing that the two companies together have a revenue of Rs.20 crore.
HoE Wellness will retain the Serena Spa brand for use in luxury resorts and hotels. The two founders of Serena Spa also join the board of directors at HoE Wellness.
The spa space in India has not seen any investor attention in 2015. However, in 2014 there were three deals in the space totaling $13.12 million, according to VCCEdge, an investments tracker.