Salt Lake-based Nexia Holdings Inc., which has interests in health and beauty, fashion retail and real estate, announced Wednesday that it has signed a letter of intent to acquire Newby Salons LLC.
Newby operates a salon under the name Reflections Hair & Image Studio at 3379 S. Orchard Drive in Bountiful.
The proposal provides for Nexia to acquire 100 percent of Newby in exchange for the transfer of $300,000 of Series C Preferred Nexia stock to the members of the limited liability company. Anthony Newby, managing member of Newby and the executive director of Reflections, will be retained, and Reflections will be re-branded as a Landis Concept Salon.
View Comments
The acquisition is expected to close by July 30.