XWELL, Inc. acquired Naples Wax Center, Inc. for $1.6 million.
September 11, 2023
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XWELL, Inc. (NasdaqCM:XWEL) acquired Naples Wax Center, Inc. on September 12, 2023. The transaction was valued at $1.5 million. As part of this acquisition, XWELL plans to retain the existing staff of Naples Wax Center and will be deploying training and development to ensure a seamless transition and the continued delivery of exceptional services. Brandon Stewart, a founder and managing partner at Naples Wax Center will lead as Director of Development and will continue to oversee the operations of Naples Wax Center.
XWELL, Inc. (NasdaqCM:XWEL) acquired Naples Wax Center, Inc. for $1.6 million on September 12, 2023. The aggregate purchase price is approximately $1.624 million, of which $1.574 million was paid in cash at closing. The remaining $50,000 will be held for six months as a holdback to cover any potential indemnification claims. Cash and and cash equivalents is of $0.18 million.
XWELL, Inc. is a global health and wellness holding company. The Company operates through four segments: XpresTest, XpresSpa, Treat, and Naples Wax Center. The XpresTest segment provides diagnostic COVID-19 tests at XpresCheck Wellness Centers in airports, to airport employees and to the traveling public but has transitioned to the centers for disease control and prevention (CDCâs) bio-surveillance program. XpresTestâs HyperPointe business provides a range of service and support options for its customers, including technical support services and advanced services. The XpresSpa segment provides travelers premium spa services, including massage, nail and skin care, as well as spa and travel products. Treat segment is a wellness brand that provides access to wellness services for travelers at on-site centers. Naples Wax Center segment operates three high-performing locations with core products and service offerings from face and body waxing to a range of skincare and cosmetic products.
XWELL, INC. 
