The Forzani group has signed a letter of intent to acquire the Canadian business of Nevada Bobs International including trade marks and licensing agreements, contingent upon due diligence, legalities, and regulatory approval.
The acquisition is expected to add $30 million to Forzanis top-line and be immediately accretive.
Bob Sartor, CEO of Forzani, commented that he expects to be able to leverage existing infrastructure, close out sourcing capacities, brand development, and advertising programs to, “deliver a superior national franchised growth vehicle.”
“The acquisition of the Canadian business of NBI by Forzani will accelerate the expansion of Nevada Bob's retail presence in Canada and give the Canadian Nevada Bob's system access to numerous lines of products under the control of Forzani,” said Kevin Baker, CEO of NBI. “This transaction will allow NBI to concentrate on its U.S. and International business and expand its presence and product lines, especially in the U.S.”
In related news, the Gen-X division of Forzani has just inked a deal to acquire the rights to Nikes Savier skate-shoe brand and trademark. The details of the transaction were not disclosed by either party.
Nike had help finance the Savier brand project, which was reportedly launched as a skunk works project by a former Nike designer, from 2001 until March of 2004 when Savier shuttered the operation due to poor performance.