Thursday, 5th July 2007 (3327 views)

Exclusive gold-jewellery retailer Aurafin has been sold off by its parent company, Norwest Equity Partners.

The private equity company has sold the gold jewellery manufacturing and distribution portfolio company to the Richline group.

Richline additionally acquired gold jewellery manufacturer Bel-Oro International with the strategy of retaining each company's "uniqueness and goodwill".

"This is an unprecedented transaction in our industry. We are proud to have a top financial investor invest in what will now be the largest jewellery supply group in the USA," commented Dave Meleski, chief executive officer of Aurafin.

Aurafin was founded in 1982 by Michael H Gusky who partnered the business with NEP in 1999, selling 50 per cent of Aurafin's equity.

The company claims to be one of the largest suppliers of 10-carat and 14-carat gold and has more than 3,500 independent gold stores across the US.

Bel-Oro has been established as a family business for the past 12 years. It claims its key advantage is recognising and supporting its customers' needs through its innovative products and services.

 

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