Reinhart Partners Expands Stake in OneSpaWorld Following Strong Performance

Reinhart Partners, LLC has substantially increased its holdings in OneSpaWorld (OSW), adding approximately 1.7 million shares during the first quarter of 2026. According to recent SEC filings, the transaction was valued at roughly $36.11 million, reflecting a strategic decision to increase exposure to the wellness provider. OneSpaWorld operates as a near-monopoly in the 'spa-at-sea' niche, claiming an estimated 90% market share. The company maintains deep integration with major cruise operators, including Carnival Cruise Lines, and boasts a contract renewal rate of 97%, providing a stable foundation for its business model. The investment comes as OSW shares have surged 47.32% over the past year, outperforming the S&P 500 by 17 percentage points. As of April 13, 2026, the stock was trading at $24.94. Financially, the company reported 7% sales growth in 2025 and projects a minimum revenue increase of 6% for 2026. OSW has now become the 20th largest position in Reinhart's portfolio of 77 holdings, representing 2.56% of its 13F assets under management. The company's shift toward shareholder-friendly policies, including the resumption of dividends and active share buybacks, further enhances its appeal to long-term value investors.