India based jewelry maker buys out Samuels Jewelers
21 Dec '06
2 min read
Gitanjali Gems Ltd announced that it has acquired a majority ownership interest in Samuels Jewelers Inc from funds managed by DDJ Capital Management (DDJ). Terms of the transaction have not been disclosed.
Samuels operates 97 retail jewelry stores in 18 states throughout the United States. The company will remain headquartered in Austin, Texas.
Gitanjali CFO, G.K. Nair, stated, “This acquisition is consistent with Gitanjali's objective to conform to a vertically integrated model, one that benefits from all the efficiencies that are realized through control of the entire supply chain, inclusive of retail. To that end, Samuels is an ideal match to complement Gitanjali's strengths in manufacturing diamonds and jewelry products.”
Mehul Choksi, Gitanjali's Chairman, added that, “Gitanjali is always seeking business opportunities which are consistent with its philosophy of adding incremental value at every level of the supply chain, thus ensuring greater shareholder value and bottom line profits."
"Gitanjali's 11.5 million square foot Hyderabad Special Economic Zone will provide a tremendous support system for product development and jewelry manufacturing and will offer unparalleled economic benefits to Gitanjali's customers worldwide, including Samuels.”
Nehal Modi, CEO of Gitanjali's U.S. affiliated companies, Diamlink and JMC, commented that “the industry is prime for consolidation and we viewed this opportunity with Samuels' stores and management team as an ideal compliment to our ongoing operations in the U.S. By combining Gitanjali's extensive industry resources with Samuels' rich network of retail stores, this transaction represents an exciting and unique endeavor for all those associated with Gitanjali and Samuels.”
marketing@alchempro.com
