NEW YORK, Nov. 16, 2017 /PRNewswire/ -- Marvin Segel, founder of Segel Vision, LLC, announced today a plan to acquire EVINE LIVE, Inc., the multiplatform video commerce company that runs the national television shopping network, "EVINE LIVE" (EVLV), founded in 1990 and headquartered in Eden Prairie, Minnesota. The announcement came after two prior attempts to reach EVINE's Board of Directors failed because, "The Board," says Segel, "refuses to hear the details of the offer." Segel says the deal would have Segel Vision making an equity purchase of the operating subsidiary at a premium of 105%. By establishing a total equity value of $175 Million for Evine, Segel Vision would, in effect, be paying $2.66 per share for Evine. Segel went on to say, "Segel Vision's financing is bona fide, and in place." With the acquisition, Segel Vision's team will merge EVINE LIVE into STARSHOP, an extraordinary Millennial-friendly, influencer and celebrity-driven multi-experience shopping App, launched in partnership with SPRINT Mobile Network.
STARSHOP's CEO, Jim Morrison, (the former president of L'Oréal USA), states, "Acquiring EVINE LIVE will revolutionize the retail industry through a proprietary mix of mobile technology and television broadcast, focusing on a side of the TV shopping business that has been underused by all shopping channels to date." Morrison continues, "We believe our team has the experience and contacts to focus more productively on nurturing the Internet's most popular influencers to endorse and adopt the products, together with the World's most recognized celebrities—thus improving top-line growth and net profits. Imagine yesterday's on-air guests and inventors being enhanced by today's vloggers and bloggers with millions of followers who trust them. It truly is the perfect storm of retail." Morrison proclaims, "The 25-year old TV shopping sales model has got to morph; and with STARSHOP's mission to add over-the-top (OTT) content created by social media influencers, we will literally add 15 million more subscribers to EVINE LIVE's current viewership on day one."
To assist in the acquisition of EVINE LIVE, Segel Vision has retained The Lucas Group, a strategy consulting and private equity investment firm, who has completed and made direct investments in more than thirty transactions, primarily in the lower middle market and in aggregate totaling more than $1 Billion in invested capital. Founder and Chairman, Jay Lucas, promises "to work with EVINE's Board to optimize a transaction price and structure for all parties. We ask that shareholders encourage their Board to engage with us and evaluate our proposals in fulfillment of their fiduciary duties to maximize shareholder value. Our group is prepared to negotiate a transaction to purchase EVINE LIVE based on Total Enterprise Value. The premium which we are offering is three times greater than the premium that QVC just paid for HSN; and this, for a company that has had only three profitable quarters in 20+ years."
In tandem with this merger and acquisition, Segel Vision proudly announces that STARSHOP will roll-out America's first and only shopping channel in Spanish, called tuSTARSHOP, which has already launched on Mobile and e-commerce in affiliation with tuvisióncanal.com, an Hispanic social community co-created by Philip Gabbard, who will become tuSTARSHOP's Group President and GM. Gabbard reminds us that "Spanish is the second largest language in the U.S., yet there is no Spanish Language shopping channel! With 57 million Hispanic households in the U.S., this retail opportunity will fill an obvious void."
Following the acquisition, and along with exciting celebrity announcements, four proprietary online technology partnerships will be revealed. Segel sums up the deal with a final word: "With TV, with mobile—in English and Spanish—STARSHOP will house a new "Six Screen Technology, and will even change the mobile shopping experience as we know it."
SOURCE Segel Vision, LLC