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Hercules acquires Spa Chakra assets

Hercules Technology Growth Capital, a finance company providing venture debt and equity to venture capital and private equity-backed technology and life science companies, has acquired all of the assets of Spa Chakra via its newly formed entity Spa Chakra Acquisition.

Spa Chakra is a provider of health and wellness care that integrates conventional and holistic methods of care and treatment.

Under the new organisation, Spa Chakra Acquisition, Spa Chakra will continue to operate and maintain all normal business operations, both domestically and internationally.

“We have worked very hard over the course of the last few months to ensure the long term success of Spa Chakra and its international operations. The successful acquisition of the Spa Chakra business is a testament to our support and belief in the company’s growth potential, and we turn our attention to rebuilding and growing Spa Chakra to be a global premium provider of comprehensive health and wellness centres,” says Manuel A. Henriquez, co-founder, chairman and chief executive officer of Hercules.

Hercules plans to grow the company and expand the management team over the coming weeks and months. As part of the acquisition, Hercules will hold the majority of the board of director seats in the company.

Spa Chakra and its domestic subsidiaries filed voluntary petitions for protection under Chapter 11 on 11 December 2009. At that time, Hercules provided financing to such entities which were used to fund normal business operations during the sale process. Hercules’ initial investment in Spa Chakra and its subsidiaries occurred in June 2008.

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