Berkshire Hathaway Buys Bel-Oro International and AurafinMay 20, 07
Berkshire Hathaway Inc. announced on Friday that it has entered into definitive agreements pursuant to which it will acquire leading jewelry manufacturers Bel-Oro International and Aurafin LLC. The companies will be combined into the newly formed Richline Group and will continue to market to customers under multiple brands.
The acquisitions are subject to customary closing conditions along with the applicable waiting periods under the Hart Scott-Rodino Antitrust Improvements Act. The transactions are expected to close during the second or third quarter of 2007.
Dennis Ulrich, president of Bel-Oro, commented, “In order to provide an unparalleled level of capital to support the Bel-Oro business, and to be able to continue with a strong committed partnership with each and every one of our clients for many years to come, Bel-Oro has agreed to become part of the Berkshire Hathaway Group of Companies.”
Warren E. Buffett, Berkshire Hathaway’s chairman and CEO said, “The opportunity to partner with Dennis Ulrich, and his entire team, was one I couldn’t pass up. They have done a remarkable job in building Bel-Oro from a standing start to the leader in its industry. And the best is yet to come.”
Dave Meleski, CEO of Aurafin, a portfolio company of Norwest Equity Partners since 1999 added, “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 jewelry supply group in the
Ulrich will become the CEO of Richline Group and will manage the newly established company. Ulrich stated “I am also looking forward to the opportunity to work with Dave Meleski and a talented management team, to bring excitement and style to all of our jewelry brands.” Meleski will become president of the Richline Group.