Mission Ready Services, a Vancouver-based company serving manufacturers of military and first responder gear, has signed a Letter of Intent to acquire Wild Things, $4.5 million. Founded in 1981, Wild Things is a manufacturer of technical outerwear and gear with products currently in the field with every branch of the U.S. Armed Forces.
Under the terms of the LOI, the $4.5 million will consist of $3.5 million cash paid on closing of the acquisition and $1 million in convertible promissory notes. Mission Ready expects to close the acquisition in the fourth quarter of 2016, subject to financing and regulatory approval.
Based in Middletown, Rhode Island, Wild Things has been in business for 35 years and produces technical garments for the U.S. Military, including Marines, Special Forces, including U.S. Navy Seals and other elite units, Department of Homeland Security and other federal agencies, law enforcement, plus outdoors enthusiasts worldwide. In addition, Wild Things has sold to military customers in 10 countries.
“We believe these companies, when combined, will allow us to become one of the leaders in the industry in designing, manufacturing and providing state of the art products to law enforcement and special forces personnel throughout the world. We have high expectations for the company. Guided by safety and superior technology, its leaders are passionately focused on customers’ physical protection and on building shareholder value,” said Jack Wyant, Wild Things director and Managing Director of Blue Chip Venture Company, an investor in Wild Things.
The Wild Things team is led by Ed Schmults who has extensive experience in the outdoor apparel business including Patagonia, and Moonstone Mountain Equipment. Schmults is the former Vice Chairman of the Board of Directors of Recreational Equipment Inc. (REI) and a current Board member for Vera Bradley. Also, he is a former member of the Board of Trustees of National Outdoor Leadership School (NOLS), an international leadership and outdoor skills school, from 2009 – 2015. Schmults served on the board of the Outdoor Industry Association from June of 2013 – August 2015.
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