Blackstone has acquired jewelry retailer Diamonds Direct through its Blackstone Tactical Opportunities fund.
Diamonds Direct is a multi-channel jewelry retailer with five stores located in Charlotte, NC; Raleigh, NC; Birmingham, AL; Richmond, VA; and Austin, TX. The company is scheduled to open two new stores in Oklahoma City, OK, and Charleston, SC, in early December. Each store sells loose and mounted diamonds, engagement ring mountings, diamond and gemstone fashion jewelry, wedding bands, and pearls. The company’s physical locations are complimented by an online ecommerce store. Diamonds Direct was founded by Alon Arabov, a diamond manufacturer based out of Tel Aviv, and is led by its CEO Itay Berger. The company is headquartered in Charlotte, NC (www.diamondsdirect.com).
In the last seven years, Diamonds Direct will have grown from one location in Charlotte to seven stores by the end of 2015. “Blackstone is 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.”
Blackstone is one of the world’s largest investment and advisory firms. The firm’s alternative asset management businesses include the management of private equity funds, real estate funds, hedge fund solutions, credit-focused funds and closed-end funds. Blackstone also provides various financial advisory services, including financial and strategic advisory, restructuring and reorganization advisory and fund placement services. Blackstone is headquartered in New York (www.blackstone.com).
© 2015 PEPD • Private Equity’s Leading News Magazine • 11-17-15
