ECGI Holdings, a diversified holding company with a portfolio in viticulture and luxury fashion has signed a letter of intent (LOI) to acquire all outstanding shares of Pacific Saddlery, a manufacturer and retailer of luxury equestrian tack, apparel and accessories.
The company said in a release that Nick Collins, a well-known professional in the equestrian luxury market, will bring his experience to the role as 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.
“We are thrilled to finalise this acquisition and further our commitment to building high-quality, luxury brands. 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,” said Steigerwald.
This acquisition, ECGI added, is aligned with its objectives of expanding presence in the luxury brands sector. Under the agreement, ECGI will acquire all outstanding shares of Pacific Saddlery for 5,000,000 dollars. The acquisition is anticipated to generate new recurring revenue streams and enhance ECGI’s position in the luxury equestrian market.
Commenting on the development, Nick Collins said: “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.”