Finlay Enterprises moves muscles to acquire retail jewelry chain
08 Nov '06
1 min read
Finlay Enterprises Inc, a leading retailer of fine jewelry and the largest operator of licensed fine jewelry departments in department stores throughout the United States, announced it has executed a stock purchase agreement for the acquisition of Congress Jewelers.
Congress is a privately-owned regional chain of five jewelry stores located in Florida, with annual sales of approximately $23 million and a focus on the luxury market.
The stock purchase agreement is subject to various closing conditions and obtaining certain consents. There can be no assurances that these conditions will be satisfied, or that consummation of this transaction will occur.
Arthur E. Reiner, Chairman and Chief Executive Officer of Finlay Enterprises Inc, commented, "Evaluating potential acquisition targets has remained a key strategic initiative as we continue to look for different ways to grow and diversify our business."
"Our success with Carlyle, which we acquired in May 2005, has given us valuable knowledge and confidence in operating and competing in the luxury jewelry market. We believe there are great opportunities within the Congress business and see it as very complementary to our existing operations."
marketing@alchempro.com
