By Michelle Graff
New York--Palladium Equity Partners LLC, a New York-based private equity firm, has made a majority investment in 73-store California chain Daniel’s Jewelers.

According to a news release, Culver City, Calif.-based Daniel’s Jewelers was founded in 1948 as a family-owned, independent jeweler with a single store. Today, Daniel’s has more than 70 locations all over the state, including in the major metropolitan markets of Los Angeles and San Diego.

David Sherwood, a member of Daniel’s founding family who has served as CEO since 2007, will continue to run the chain.

In the release, Palladium Managing Director Luis Zaldivar said they intend to open new Daniel’s Jewelers stores and pursue strategic acquisitions, both inside and outside California.

Palladium has more than $2.5 billion in assets under management though, according to the company’s website, it doesn’t hold a stake in any other retail jewelers. The company’s current investments include Pronto Insurance in Brownsville, Texas; Taco Bueno in Dallas; and Promérica Bank in Los Angeles.

The Sage Group advised Daniel’s on the deal.

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