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Richline Acquires The Aaron Group
Jan 15, 2017 7:59 AM
By Rapaport News
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RAPAPORT... Richline Group bought jewelry manufacturer The
Aaron Group, as the Warren Buffett-owned business continues to drive growth through mergers and acquisitions.
The companies did not disclose terms of the deal, which was the fifth acquisition Richline has made in the last
12 months.
“This acquisition will allow The Aaron Group to continue as
the leader of bridal, three-stone and fashion-diamond and gemstone-fine jewelry,
while leveraging Richline’s advanced capabilities across our entire jewelry
value chain,” said Dennis Ulrich, chief executive officer of Richline.
Apart from introducing new designs and collections more rapidly,
the takeover will also help in achieving faster growth, added Robert Kempler,
president of The Aaron Group.
Founded as Samuel Aaron Jewelry in 1950, The Aaron Group has grown from its New York roots to a manufacturer with global operations spread across New York, London, Mumbai and China.
Jewelry maker Richline, a subsidiary of Buffett’s
Berkshire Hathaway, bought four companies between April and October, with the most
recent one being Silpada Designs, a silver-jewelry seller founded by
stay-at-home mothers.
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Tags:
Berkshire Hathaway, China, Dennis Ulrich, jewelry manufacturer, london, M&A, mergers and acquisitions, mumbai, new york, Rapaport News, richline, richline group, Robert Kempler, Silpada Designs, The Aaron Group, warren buffett
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