RAPAPORT... Richline Group Inc., a wholly owned subsidiary of Berkshire Hathaway, signed an agreement to acquire freshwater cultured pearl brand HONONRA.
The transaction is expected to be completed in July 2013, the company said.
Richline's president, Dave Meleski, noted that a key goal of the acquisition will be HONORA's utilization of Richline's financial support and collaboration to champion the brand for domestic and international growth.
"HONORA expands our product assortment positioning as a dominant player in the pearl jewelry category,” he said.
The new corporate structure will see HONORA's current CEO, Joel Schechter, as well as its president, Ralph Rossini, remain on board to run the company as a standalone brand within the Richline brands division of Berkshire Hathaway.
The Richline Group, formed in 2007 is a fine jewelry manufacturer and marketer and owns LeachGarner, Inverness, Rio Grande and Richline brands.
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