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Warren Buffett’s Jewelry Unit Acquires Nordt

May 22, 2016 9:09 AM   By Rapaport News
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RAPAPORT... Richline Group, a jewelry company owned by Warren Buffett’s Berkshire Hathaway, made a second acquisition in less than a month with the purchase of a precious-metals company, John C. Nordt.

Nordt, a manufacturer for and supplier to the jewelry industry, was founded in 1872 in New York and has operated in Roanoke, Virginia, since 1984.

The deal, effective June 1, comes hot on the heels of Richline’s purchase of online jewelry seller Gemvara.

“Nordt is another important and strategic addition to our brands,” said Joe Esposito, Richline’s executive vice-president of manufacturing.

“The synergies between Nordt and our LeachGarner and Nobilis business units will accelerate our growth into the platinum-group metals industrial markets.”

Five generations of the Nordt family have run the business for more than 140 years, Richline said. Paul Nordt III, Rob Nordt, Sr. and Rob Nordt, Jr. will continue to lead the company alongside its management team.
Tags: Berkshire Hathaway, Jewelry, John C. Nordt, M&A, mergers and acquisitions, Nordt, precious metals, Rapaport News, richline, richline group, warren buffett
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