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Blackstone Group Acquires Diamonds Direct

Nov 17, 2015 10:51 AM   By Rapaport News
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RAPAPORT... Private equity firm Blackstone Group has acquired Charlotte, N.C.-based jewelry retailer Diamonds Direct for an undisclosed sum, about six months after investing in a diamond mining project.

The takeover, which closed in early November, was executed through an affiliate company, Blackstone Tactical Opportunities, the U.S.-based asset manager said in a statement November 16. The same affiliate acquired equity in Canadian miner Stornoway Diamond Corporation and a minority interest in the Renard diamond stream in Québec in April.

Tel Aviv diamond manufacturer Alon Arabov founded Diamonds Direct in 1995, opening its first store in Charlotte. The company has grown to become a multi-channel retailer, with several stores across the U.S. as well as an e-commerce platform, according to Blackstone.

The “partnership with Blackstone will enable us to continue to deliver unparalleled service and unbeatable prices,” Diamonds Direct chief executive officer Itay Berger said in the statement.

Diamonds Direct’s physical presence is currently in Charlotte, Raleigh, Birmingham, Richmond and Austin, with new stores slated to open in Oklahoma City and Charleston in early December.

“Providing capital to entrepreneurs is a hallmark of Blackstone’s growth investments and we look forward to working with the Diamonds Direct team on their continued success and growth,” Jasvinder Khaira, managing director of Blackstone Tactical Opportunities, said in the statement.
Tags: acquisitions, Alon Arabov, Blackstone Group, Diamonds Direct, Rapaport News
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