The acquisition aligns with ECGI's objectives to capitalize on the $12.72 billion equestrian sector.
IRVINE, Calif., June 13, 2024 /PRNewswire/ -- ECGI Holdings, Inc. (OTC: ECGI) (ECGI or the Company), a diversified holding company with a unique portfolio in viticulture and luxury fashion, today announces the signing of a binding Letter of Intent (LOI) to acquire all outstanding shares of Pacific Saddlery, Inc., a renowned manufacturer and retailer of luxury equestrian tack, apparel and accessories. This acquisition, strategically aligned with ECGI's objectives of expanding its presence in the luxury brands sector, marks a significant step in its efforts, instilling confidence in the future success of the merged companies.
ECGI Holdings, Inc. (PRNewsfoto/ECGI Holdings)
The LOI builds on the successful launch of Pacific Saddlery's mobile retail trailer earlier this year. The global equestrian apparel market, valued at approximately $6.5 billion in 2023, is projected to grow to $9.7 billion by 2032. Additionally, the equestrian accessories market, including tack, is valued at approximately $2.17 billion and is expected to reach $3.02 billion by 2032. Together, they represent a significant opportunity for ECGI's expansion in the luxury equestrian sector, with a combined market size projected to grow from $8.67 billion to $12.72 billion by 2032.
The LOI outlines the terms and conditions for ECGI's acquisition of Pacific Saddlery. Under the agreement, ECGI will acquire all outstanding shares of Pacific Saddlery in exchange for $5,000,000 in ECGI-restricted shares. These shares will remain restricted until ECGI uplists to a national exchange. This acquisition is anticipated to generate new recurring revenue streams and enhance ECGI's position in the luxury equestrian market.
Nick Collins, a well-known professional in the equestrian luxury market, will bring his wealth of experience to the role of president of ECGI. Jamie Steigerwald, the CEO of ECGI, will assume the additional role of president of Pacific Saddlery. Together, they will serve as co-chairmen of ECGI, a leadership structure designed to drive the growth and innovation of both companies.
"We are thrilled to finalize this acquisition and further our commitment to building high-quality, luxury brands," said Jamie Steigerwald, CEO of ECGI Holdings. "Nick Collins brings unparalleled experience and a deep understanding of the equestrian luxury market, which will be invaluable as we integrate Pacific Saddlery into our portfolio."
Nick Collins expressed his enthusiasm, stating: "This partnership with ECGI is a significant step forward for Pacific Saddlery. Together, we are poised to elevate our brand and expand our presence in the luxury equestrian marketplace. Our shared vision and combined resources will create unique and memorable products for our customers."
About ECGI
ECGI is a diversified holding company with a distinctive portfolio encompassing viticulture and luxury fashion. The Company owns and manages a five-acre vineyard in Lake County, California, specializing in cultivating Petite Sirah, known for its bold and rich character, which aligns with the growing demand for unique and high-quality wine experiences. In the fashion sector, ECGI has strategically invested in Pacific Saddlery, a premier manufacturer and retailer of luxury equestrian tack, apparel and accessories. This unique blend of wine and fashion investments reflects ECGI Holdings' commitment to delivering sophistication and innovation across diverse markets, positioning the Company as a distinctive player in the intersection of technology, viticulture and luxury lifestyle.
This release contains "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements may also be included in other publicly available documents issued by the Company and in oral statements made by our officers and representatives from time to time. These forward-looking statements are intended to provide management's current expectations or plans for our future operating and financial performance, based on assumptions currently believed to be valid. They can be identified by the use of words such as "anticipate," "intend," "plan," "goal," "seek," "believe," "project," "estimate," "expect," "strategy," "future," "likely," "may," "should," "would," "could," "will" and other words of similar meaning in connection with a discussion of future operating or financial performance. Examples of forward-looking statements include, among others, statements relating to future sales, earnings, cash flows, results of operations, uses of cash and other measures of financial performance.
Because forward-looking statements relate to the future, they are subject to inherent risks, uncertainties and other factors that may cause the Company's actual results and financial condition to differ materially from those expressed or implied in the forward-looking statements. Such risks, uncertainties and other factors include, among others such as, but not limited to, economic conditions, changes in the laws or regulations, demand for products and services of the Company, the effects of competition and other factors that could cause actual results to differ materially from those projected or represented in the forward-looking statements. Any forward-looking information provided in this release should be considered with these factors in mind. We assume no obligation to update any forward-looking statements contained in this report.
