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Jewelry distributor Bel-Oro buys Michael Anthony Jewelers Inc
18 Aug '05
2 min read
New York based Bel-Oro International, one of the largest distributors in the U.S. of fine jewelry including gold, silver and precious stone items, has acquired the operating assets of Michael Anthony Jewelers Inc, which is based in New York City, Bel-Oro International operates the Bel-Oro, Pace and Sardelli group of companies that supply major U.S. and international retailers.
Michael Anthony is based in Mt. Vernon, NY and has over 30 years experience as a leading designer, marketer and manufacturer of fine gold jewelry and watches. Under the terms of the transaction, Michael Paolercio, Anthony Paolercio and Shelly Light will become executives with Bel-Oro International. In a related transaction, Bel-Oro International has acquired the MADOR factory owned and operated by Michael Anthony in the Dominican Republic.
According to Dennis Ulrich, CEO of Bel-Oro International, "This acquisition expands offering of high quality, affordable, and innovative fine jewelry products to retail customers. The addition of Michael Anthony's state-of-the-art offshore factory allows us to provide leading retailers with a full range of services, from direct overseas product sourcing to value-added merchandising and distribution.They are pleased to welcome Michael Anthony's experienced executives to management team and look forward to working together to serve our customers in the years to come."
Michael Paolercio, Co-Chairman of Michael Anthony, added "Bel-Oro has been highly successful in meeting the unique needs of its customers over the years and management team is excited to become a part of this growing company."
As part of the financing for the transaction, Bel-Oro has finalized a new multiyear commitment led by Sovereign Bank and ABN AMRO Bank N.V., in addition to JPMorgan Chase Bank, N.A. and HSBC Bank USA, National Association, to provide it with senior credit facilities.
Michael Anthony is based in Mt. Vernon, NY and has over 30 years experience as a leading designer, marketer and manufacturer of fine gold jewelry and watches. Under the terms of the transaction, Michael Paolercio, Anthony Paolercio and Shelly Light will become executives with Bel-Oro International. In a related transaction, Bel-Oro International has acquired the MADOR factory owned and operated by Michael Anthony in the Dominican Republic.
According to Dennis Ulrich, CEO of Bel-Oro International, "This acquisition expands offering of high quality, affordable, and innovative fine jewelry products to retail customers. The addition of Michael Anthony's state-of-the-art offshore factory allows us to provide leading retailers with a full range of services, from direct overseas product sourcing to value-added merchandising and distribution.They are pleased to welcome Michael Anthony's experienced executives to management team and look forward to working together to serve our customers in the years to come."
Michael Paolercio, Co-Chairman of Michael Anthony, added "Bel-Oro has been highly successful in meeting the unique needs of its customers over the years and management team is excited to become a part of this growing company."
As part of the financing for the transaction, Bel-Oro has finalized a new multiyear commitment led by Sovereign Bank and ABN AMRO Bank N.V., in addition to JPMorgan Chase Bank, N.A. and HSBC Bank USA, National Association, to provide it with senior credit facilities.
Bel-Oro International
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