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Jewelry retailer Finlay completes acquisition of Carlyle & Co

May '05
A leading jewelry retailer & fine jewellery operator Finlay Enterprises Inc announced it has signed a definitive merger agreement and closed the previously referenced acquisition of Carlyle & Co. Jewelers. The purchase price, to be funded this morning, is approximately $29 million and will be financed with additional borrowings under the Company's revolving credit facility.

Founded in North Carolina in 1922, privately held Carlyle operates 34 specialty jewelry stores, located primarily in the southeastern United States, which generated annual sales of $86 million and EBITDA of approximately $7 million last year. Carlyle will operate as a separate subsidiary of Finlay and will remain under the leadership of Russell Cohen and John Cohen, both members of Carlyle's founding family.

Arthur E. Reiner, Chairman and Chief Executive Officer of Finlay Enterprises, Inc. commented, "Carlyle will complement and diversify our existing business. Both companies have a history of excellence in jewelry merchandising and a reputation for superior customer service. Carlyle's focus on the luxury market presents an excellent opportunity to significantly increase our presence in one of the strongest and fastest growing areas of the retail industry. In addition, we will be able to provide the operational and financial resources to maximize its potential.

"The transaction also furthers our overall strategy to grow the business through acquisitions. We will continue to identify and evaluate new businesses and other opportunities that would offer growth, financial viability, synergy, and have a positive effect on shareholder value."

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