Nexia Holdings Inc a diversified holdings company with interests in health and beauty, fashion retail and real estate, announced that it has signed a Letter of Intent to acquire controlling interest of Newby Salons, L.L.C. Newby operates a salon under the name Reflections Hair & Image Studio that uses AVEDA products exclusively at 3379 South Orchard Drive in Bountiful, Utah.
Richard Surber, President of Nexia, said, “One of fastest-growing consumer purchasing trends is toward buying environmentally friendly, natural products. The Reflections salon exclusively uses and sells AVEDA products, one of the world's first cosmetic brands to offer plant-based alternatives to synthetic chemistry in their beauty products."
"Our proposed acquisition of Reflections will meet emerging demand for high-quality, day spa services that incorporate 'green' products, which consumers can feel good about. We are looking at four additional salon operations as strong potential acquisitions over the next six months.”
Surber continued, “Mr. Newby will be retained on our management team to ensure a smooth transition under the Nexia portfolio. His in-depth knowledge of the AVEDA lifestyle philosophy complements our current salon operations, and provides us with additional in-the-field experience to help us expand our salon operations. Upon close of the acquisition, we expect to have an immediate opportunity for revenue growth.”
The proposal provides for Nexia to acquire 100% of Newby in exchange for the transfer of $300,000 of Series C Preferred Nexia Stock to the members of the limited liability company.
marketing@alchempro.com
