The announcement coincided with its full-year results, with growth driven by its jewelry brands.
Richline Group Acquires Virginia’s John C. Nordt
The jewelry company bought the manufacturer and supplier of precious metal products for an undisclosed sum, marking its second acquisition in just under a month.
New York--The Richline Group has made its second acquisition within a month’s time, announcing that it bought Virginia-based John C. Nordt Inc., effective June 1.
Terms of the deal were not disclosed.
Founded in 1872 in New York City but now based in Roanoke, Va., the firm is a manufacturer and supplier of precious metal products to the jewelry industry.
Five generations of the Nordt family have run the company in its more than 140 years of business. Richline said that Paul Nordt III, Rob Nordt Sr., and Rob Nordt Jr. will continue to lead John C. Nordt Inc.
In addition to the three Nordt family members, Richline said a “highly experienced professional management team” will also help lead the company. No further information was available by press time on the composition of that team.
In a news release issued on the acquisition, Richline Executive Vice President of Manufacturing Joe Esposito said John C. Nordt is “another important and strategic addition to (its) brands.”
The purchase of John C. Nordt is the latest in an ongoing string of acquisitions for the manufacturer and marketer, which is owned by Warren Buffett’s holding company, Berkshire Hathaway.
Late last month, Richline announced that it bought custom jewelry company Gemvara for an undisclosed sum.
The Latest
Looking ahead, the retailer said it sees “enormous potential” in Roberto Coin’s ability to boost its branded jewelry business.
Jewelry trade show veterans share strategies for engaging buyers, managing your time effectively, and packing the right shoes.
Despite the rising prices, consumers continue to seek out the precious metal.
This little guy’s name is Ricky and he just sold for more than $200,000 at Sotheby’s Geneva jewelry auction.
Though its website has been down for a week, Christie’s proceeded with its jewelry and watch auctions on May 13-14, bringing in nearly $80 million.
Despite the absence of “The Allnatt,” Sotheby’s Geneva jewelry auction totaled $34 million, with 90 percent of lots sold.
Tradeshow risks are real. Get tips to protect yourself before, during and after and gain safety and security awareness for your business.
Lilian Raji gives advice to designers on how to make the most of great publicity opportunities.
The mining company wants to divest its 70 percent holding in the Mothae Diamond Mine in an effort to streamline its portfolio.
Why do so many jewelers keep lines that are not selling? Peter Smith thinks the answer lies in these two behavioral principles.
The “Argyle Phoenix” sold for more than $4 million at the auction house’s second jewels sale.
The annual list recognizes young professionals making an impact in jewelry retail.
Owner David Mann is heading into retirement.
While overall sales were sluggish, the retailer said its non-bridal fine jewelry was a popular choice for Valentine’s Day.
The mining giant also wants to offload its platinum business as part of an overhaul designed to “unlock significant value.”
Christie's is selling one of the diamonds, moving forward with its Geneva jewelry auction despite the cyberattack that took down its website.
Retailers can customize and print the appraisal brochures from their store.
The move follows a price-drop test run in Q4 and comes with the addition of a “quality assurance card” from GIA for some loose diamonds.
The site has been down since Thursday evening, just ahead of its spring auctions.
The late former U.S. Secretary’s collection went for quadruple the sale’s pre-sale estimate.
Three fifth graders’ winning designs were turned into custom jewelry pieces in time for Mother’s Day.
Kimberly Adams Russell is taking over the role from her father, David Adams, marking the third generation to hold the title.
As a token of womanhood, this necklace depicts when Venus was born from the sea.
Show your mother some love with a piece of fine jewelry.
The company’s Easton location will remain open.
Brian D. Fleming of Carla Corporation was elected to serve a one-year term in the role.