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Compass Diversified (NYSE: CODI) an proprietor of primary center industry corporations, nowadays announced it has obtained Lugano Diamonds & Jewelry, Inc. (“Lugano” or the “Company”), a designer, manufacturer and marketer of significant-conclusion, a single-of-a-form jewelry, for an company value of $256 million (excluding doing work cash and sure other changes upon closing). Lugano will carry on to be led by its latest leadership staff, and existing house owners and administration will retain a major minority stake in the Organization.
Dependent in Newport Beach front, California and started in 2004, Lugano can make a single-of-a-kind jewellery for some of the world’s most discerning clientele. In addition to its item offerings, Lugano frequently partners with regional, influential companies to host and sponsor much more than 100 equestrian, social and philanthropic occasions through the yr. With a distinctive solution catalogue, deep ties to its local communities and its intimate, salon-centered sales product, Lugano builds extensive-lasting connections with its clients that have authorized it to reach steady advancement for around 15 many years.
“We are thrilled to deliver a expanding, luxurious items model like Lugano to the CODI portfolio of area of interest-branded purchaser subsidiaries,” claimed Elias Sabo, CEO of CODI. “Lugano’s deep commitment to item structure and genuine relationship with its target clientele differentiates it from its competition. We imagine that Lugano, as a reliable jewelry advisor offering a rare blend of exclusivity and service, has a sustainable business enterprise design capable of building considerable revenues and advancement in each the around- and long-phrase.”
Mr. Sabo ongoing: “From our point of view, Lugano is ideally positioned to gain from the means and entry to cash that CODI will supply and create on the Company’s eyesight and abilities to develop into the next important jewellery model. The Company has shown amazing advancement, specially in excess of the past several several years, and is in the approach of expanding its gifted staff. CODI intends to assistance even further development as Lugano invests in its merchandising approach, which includes continuing its retail rollout and expanding its event-driven internet marketing efforts. We look ahead to partnering with the Lugano group to achieve new stages of good results for the organization in purchase to supply value for our shareholders.”
“This second marks the culmination of decades of do the job from the complete Lugano crew, and we are exceptionally happy to companion with CODI for the following stage of our progress,” stated Moti Ferder, Co-founder and CEO of Lugano. “For in excess of a 10 years we have sought to supply just one-of-a-variety jewelry by means of specific, curated experiences that stand aside from mainstream jewellery shopping for encounters. With this devotion to superior-high quality and reliable connections with our customers, we have created a faithful, very long-time period purchaser foundation, and we expect CODI’s assist will give us the methods to introduce more clients to Lugano’s design. Together, we are poised to remodel the higher-conclude jewellery retail space for the gain of our valued consumers.”
Gibson, Dunn & Crutcher LLP acted as lawful counsel to CODI. Holland & Knight LLP acted as legal advisor to Lugano.
Added info on the acquisition will be readily available in CODI’s recent report on Kind 8-K that will be filed with the Securities and Trade Commission (“SEC”).