B$Z: Native Shoes Enters Non-Binding Letter of Intent to be Acquired
Native Shoes Enters Non-Binding Letter of Intent to be Acquired
VANCOUVER, CANADA (February 13, 2013) - Native Shoes (Native), the global brand known for its lightweight EVA footwear, today announced that the company has entered into a non-binding letter of intent (LOI) to sell controlling interest in the company through an acquisition by an investment group. The LOI contains broad terms that remain confidential at this time. Following due diligence and consummation of the potential transaction, the acquisition will posture Native Shoes for global growth in support of its network of over 30 distribution partners worldwide.
Native is led by acting CEO and majority investor, Scott Hawthorn. Under Hawthorn's leadership, the company is focused on growing its operational structure at its Vancouver, British Columbia, headquarters, appointing a long term CEO and Board of Directors, and fostering the product design, sales, marketing and finance teams. Hawthorn follows Damian Van Zyll De Jong, one of the original founders, who left the company in February 2013.
"Native has earned significant global equity over its four-year history," stated Hawthorn. "We are confident that the brand has the ability to fully capitalize on the growth opportunities a sound operational structure and leadership team can provide."
Native's playful brand marketing and equally imaginative product range has established iconic place in the footwear market. Building on its momentum, Native will deliver its Summer line in May 2013, and is currently booking its Fall 2013 line. Sales inquiries should be directed to Native's Vice President of Sales and Operations, Barbara Hainline at Barb.Hainline@nativeshoes.com.
LOI and its broad terms are not binding. The transaction is necessarily subject to entering into a definitive agreement between the parties containing specific signing and closing terms and conditions yet to be negotiated.
No further details about the deal are available at this time.
Native (www.nativeshoes.com) was established in Vancouver, Canada in 2009 with a vision to combine the best of evolving technology and great design. Inspired by classic, casual silhouettes, Native Shoes are made from foam-injection molded-EVA, a lightweight, durable and comfortable material. Along with a unique, low-emission manufacturing process, Native Shoes are washable, waterproof and odor-resistant. Native is headquartered in Vancouver, British Columbia and is currently distributed in more than 30 countries.