Samuels Jewelers Inc one of America's leading specialty retailers of fine jewelry confirmed that they are in discussions with an undisclosed buyer to acquire a majority ownership in Samuels Jewelers from Samuels' current majority owner, funds managed by DDJ Capital Management, LLC.
Terms of the potential transaction have not been publicly disclosed although it was confirmed that the potential buyer is a DTC sightholder based in India.
Samuels Jewelers' President and CEO, Randy McCullough commented on the potential transaction, stating that “Samuels is very excited about this opportunity to develop a long-standing relationship with a DTC sightholder as both a shareholder and vendor partner."
"This transaction will enable Samuels to recapitalize its balance sheet, improve its inventory selection, and have a firmer foundation for future growth.”
David Barr, Chairman of Samuels Jewelers, concurred with this view and added, “We believe that Samuels is an ideal candidate to complement a sightholder's strengths in manufacturing of diamonds and jewelry products. Samuels will be able to provide additional value to the retail consumer as a result of this fully integrated business model."
"Diamonds will be controlled by one group from diamond rough to the finished jewelry purchased by the consumer. Due to the superiority of this business model, we believe this potential marriage of companies will provide a foundation for future compounding growth.”
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