Blackstone Acquires Diamonds Direct
November 16 2015 - 10:00AM
Business Wire
Diamonds Direct and Blackstone (NYSE:BX) announced today that
funds managed by Blackstone Tactical Opportunities have acquired
Diamonds Direct, a leading independent jewelry company.
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Headquartered in Charlotte, NC, Diamonds Direct is a leading
U.S. independent jewelry retailer with a long and well-established
history in diamond sales and manufacturing. In the last seven
years, the company has grown from one location in Charlotte to a
multi-channel retailer with seven locations across the United
States complimented by an online ecommerce storefront. Diamonds
Direct’s retail locations are located in Charlotte, Raleigh, NC,
Birmingham, AL, Richmond, VA, Austin, TX, with new locations
opening in Oklahoma City, OK, and Charleston, SC, in early
December.
“This is a very exciting day for Diamonds Direct,” said Chief
Executive Officer Itay Berger. “Diamonds Direct’s partnership with
Blackstone will enable us to continue to deliver unparalleled
service and unbeatable prices. We are thrilled to begin a new
chapter for our employees and customers with Blackstone as we enter
a new phase of growth.”
“Blackstone is extremely excited to partner with Itay and the
existing management team to accelerate the Company’s growth,” said
Jasvinder Khaira, Managing Director of Blackstone Tactical
Opportunities. “Providing capital to entrepreneurs is a hallmark of
Blackstone’s growth investments and we look forward to working with
the Diamonds Direct team on their continued success and
growth.”
The transaction closed in early November. Diamonds Direct was
advised by James McElroy & Diehl, P.A. and Pearl Cohen Zedek
Latzer Baratz. Blackstone was advised by Wells Fargo Securities LLC
and Akin Gump Strauss Hauer & Feld LLP.
About Diamonds Direct
Diamonds Direct was founded by Alon Arabov, a diamond
manufacturer based out of Tel Aviv, Israel. In 1995, the first
Diamonds Direct opened in Charlotte, N.C. eliminating the middleman
and selling diamonds directly to the end customer from the
manufacturing facility in Israel. Today, Diamonds Direct is
one of America's largest and most successful independent jewelry
companies with seven locations in the U.S. Each Diamonds Direct
offers loose and mounted diamonds, a multitude of engagement ring
mountings by America's top designers, diamond and gemstone fashion
jewelry, wedding bands, pearls and much more. For more information
visit www.DiamondsDirect.com.
About Blackstone
Blackstone is one of the world’s leading investment firms. We
seek to create positive economic impact and long-term value for our
investors, the companies we invest in, and the communities in which
we work. We do this by using extraordinary people and flexible
capital to help companies solve problems. Our asset management
businesses, with over $330 billion in assets under management,
include investment vehicles focused on private equity, real estate,
public debt and equity, non-investment grade credit, real assets
and secondary funds, all on a global basis. Further information is
available at www.blackstone.com. Follow Blackstone on Twitter
@Blackstone.
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version on businesswire.com: http://www.businesswire.com/news/home/20151116005949/en/
Media:Diamonds DirectKelsey Halford,
704-532-9041kelseyh@diamondsdirect.comBlackstoneChristine Anderson,
212-583-5263christine.anderson@blackstone.com
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