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RAPAPORT... Signet Jewelers completed its acquisition of Ultra Stores Inc., the parent company of Ultra Diamonds, from Crystal Financial LLC and its other stockholders for approximately $57 million in cash. Signet has not assumed any debt with this acquisition. Ultra Stores reported sales of approximately $140 million for its most recent fiscal year. Ultra operates 102 stores in outlet centers and through 38 other formats, primarily licensed jewelry departments. The acquisition is expected to add $40 million to $45 million to Signet’s fiscal 2013 fourth quarter sales and to have minimal impact to the period’s earnings, including acquisition-related costs, according to a statement. The transaction is anticipated to be accretive to earnings by the fourth quarter of Signet’s fiscal 2014, including acquisition and integration costs. "We are pleased to complete the acquisition of Ultra stores,” said Michael W. Barnes, the chief executive of Signet. “We expect Ultra to allow us to broaden our customer reach, build upon our market leadership position in specialty jewelry retail, and make Signet one of the leading jewelry players in the growing outlet channel. We look forward to working with our new team members as we continue to drive our competitive strengths for the future."
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