GoPro Inc. (NASDAQ: GPRO) has retained investment bank Houlihan Lokey Inc. as its financial advisor to evaluate a potential sale and other strategic alternatives, the company announced.

The engagement follows GoPro's May 11 announcement that it initiated a process to review unsolicited strategic inquiries from parties across defense, consumer and financial sectors. Fenwick & West is serving as legal advisor to the company.

"We believe GoPro has substantial unrecognized value that can be realized via a sale of the company or other strategic event, and given inbound interest since our announcement it seems others feel similarly," said Nicholas Woodman, GoPro's founder and chief executive officer.

Woodman said the potential sale process has full support from GoPro's board of directors and management team. The company has not established a timeline for concluding its evaluation nor made decisions regarding potential transactions.

GoPro stated it does not intend to comment on its strategic review until it determines further disclosure is appropriate. The company noted there are no assurances regarding the outcome or timing of the review, or whether any particular transaction may be pursued or completed.

The camera maker, based in San Mateo, California, develops action cameras and related accessories for capturing video and photos.