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RAPAPORT... Private equity firm Sun Capital Partners Inc. acquired the Gem Shopping Network through an affiliate for an undisclosed sum. Gem Shopping Network reports reaching more than 40 million households and its broadcast streams live online with programming to sell gemstones and jewelry.
“Gem Shopping Network has created a dynamic market niche, which is just as unique as the company’s gemstones,” said Marc Leder, the co-CEO of Sun Capital. “We’re eager to work with its CEO PJ Lynch and the company’s seasoned management team, as our deep experience in the consumer retail category, combined with their mastery of the TV delivery channel, will help Gem Shopping to expand its leadership and capture significant market opportunity.”
The Gem Shopping Network was founded in 1995 by Frank M. Circelli and operates out of Duluth, Georgia. The investment firm stated that the network will continue to be run by the current management team. In the past three years the network's sales have grown approximately 45 percent, according to Sun Capital.
Circelli said, “When I launched the first colored gemstone show on television more than 20 years ago, few could have predicted what the Gem Shopping Network would become today. I am confident that Sun Capital and PJ’s team will ensure the business continues to achieve solid growth.”
Sun Capital's affiliates have invested in more than 325 companies worldwide with combined sales in excess of $45 billion. Sun Capital has offices in Boca Raton, Los Angeles and New York and affiliates in London, Frankfurt, Paris, Luxembourg, Shanghai and Shenzhen.
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