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Note 11 - Subsequent Events
9 Months Ended
Sep. 30, 2011
Subsequent Events [Text Block]
(11)         SUBSEQUENT EVENTS:

On November 7, 2011, we acquired the assets of Cortiva Group, Inc. (“Cortiva”).  Cortiva operates seven post-secondary massage therapy schools with a total of 12 campuses located in Arizona, Florida, Illinois, Massachusetts, New Jersey, Pennsylvania and Washington.  This transaction is expected to close in the fourth quarter of 2011.  Steiner, through its Schools Division, now owns and operates a total of 30 campuses in 14 states with a total population of approximately 5,200 students.

This transaction had a purchase price of $33.0 million in cash.  The purchase price will be paid from existing cash and through borrowings under our credit facility.

On November 1, 2011, we acquired of all of the issued and outstanding capital stock of Ideal Image.  Ideal Image is a leader in growing consumer healthcare category of laser hair removal.  Ideal Image has a network of 71 treatment centers (17 are operated by franchisees) in a total of 22 states, offering services in an upscale retail setting.  The two Co-CEOs of Ideal Image have agreed to continue in those roles.

The purchase price for this transaction is $175 million payable in cash at closing, and was paid from existing cash and through borrowings under our new Credit Facility.