Aussie Apparel Group Ltd. has signed a letter-of-intent with TSA Brand Inc. to acquire the Santa Ana, CA based company. Initial numbers provided by TSA to Aussie Apparel show sales of $1.5 million in 2002.
TSA currently sells its product in 32 countries including Germany, France, England, Ireland, Canada, Australia and the Scandinavian Countries. Terms of the potential agreement were not disclosed.
Bruce MacGregor, President and CEO of Aussie Apparel said, “We are very excited about the potential acquisition of TSA Brand Inc. The TSA apparel and accessories brand is a core extreme sports brand with a great heritage in skate and hip-hop. We feel that with the combined expertise of Aussie Apparel and TSA’s existing management, led by Jim Waataja, the President of TSA Brand Inc., that TSA can experience incredible growth over the next five years.”
Waataja said, “This is a remarkable opportunity for the TSA brand. I have to say that we are very excited about the enormous opportunity to take TSA, basically my child, to the next level through the right kind of exposure and marketing. I am looking for TSA to have a huge impact in this industry and in the fashion industry as a whole. Bruce’s management experience and record of accomplishment in the industry with brands such as Avia, L.A. Gear and Razor Scooters was very attractive to us. He has clearly shown the ability to create growth!”
This announcement occurs two weeks after Aussie Apparel signed a letter- of-intent to purchase the brand name Bluetorch.
Both parties to the agreement anticipate a definitive agreement within four to six weeks.
