– Transitions Fund Management Business –
– Announces Acquisitions of Bamboo Sushi, Rudy’s Barbershops, and Current
– Appoints Proven Consumer Finance Executive,
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Strategic Acquisitions
The initial transactions in support of the new business strategy include several noteworthy acquisitions to expand its portfolio into the restaurant and beauty and wellness space.
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With this new platform, Sortis begins to bring together an ecosystem of original brands with purpose and impact. As stewards of legacy and new companies alike, the platform will enable sustainable growth, cultural equity, and scalable innovation for brands with things to say. Sortis’ goal is to build a portfolio of consumer brands that share four key characteristics: a passionate customer base, differentiated brand identity, commitment to Environmental, Social, and Governance (“ESG”) priorities, and digital tailwinds. Sortis believes these acquisitions are strongly aligned with these attributes and offer significant growth opportunities. With a platform that provides enhanced access to capital, real estate strategy expertise, creative and operational talent, and cutting-edge digital capabilities, Sortis believes it can accelerate these brands’ ability to scale both organically and inorganically.
“These acquisitions mark a new beginning for Sortis as we transition into a platform business with a focus on brands that spark conversation and move culture forward,” said
CFO Appointment
Sortis, beginning the strategic transition to an operator of scalable, lifestyle brands, has appointed
Smith brings over 20 years of corporate finance experience with broad consumer, product, brand, distribution and operational expertise. He spent two decades at Nike (NYSE: NKE), where he held numerous domestic and international roles in the finance function, including roles as divisional CFO and leadership roles in Investor Relations, Business Planning, Corporate Audit, Revenue and Gross Margin Planning, and Commerce. Prior to Nike, Smith spent five years as an active CPA in public accounting.
Commenting on his appointment, Smith stated: “It’s an exciting time to be joining the Sortis team as we embark on the transition to a platform that can accelerate growth among a variety of strong lifestyle brands. Having been a finance leader for numerous businesses within Nike for two decades, I am confident in my abilities to guide Sortis through this strategic transition. I look forward to leveraging my deep consumer and operational experience, along with my expertise in building organizations and integrating acquisitions, to strengthen the performance of our current and future portfolio companies.”
Brenneke concluded: “As we embark on this transition, it was imperative that we had a CFO with a proven track record of delivering results and creating value. Ryan is a high-impact executive who brings a compelling blend of strategic and capital allocation discipline, deep operating skills, and transformational leadership abilities. He is the perfect candidate to drive the business as a member of our executive leadership team given his experience at one of the most recognizable consumer brands in the world.”
Incorporation Change and Stock Transactions
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Forward-Looking Statements Disclaimer
Certain statements in this press release are forward-looking statements. Forward-looking statements generally are accompanied by words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “predict,” “potential,” “seem,” “seek,” “future,” “outlook,” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. All statements, other than statements of present or historical fact included in this press release, are forward-looking, including statements: regarding future operations of businesses recently acquired by Sortis; potential future acquisitions; attributes of the Sortis platform; and growth opportunities. These forward-looking statements are subject to a number of risks and uncertainties, including the inability of the parties to successfully or timely complete proposed or desired transaction; failure to realize the anticipated benefits of proposed transactions; the challenges with managing a diversified business portfolio; and risks associated with the acquired businesses, including changes in customer behavior or government regulation to address COVID-19. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements.
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