An investor group comprised of Bain Capital Private Equity, Bow Street and Adama Partners has completed the take private acquisition of online jeweler Blue Nile.
Blue Nile sells engagement rings, wedding rings, and other fine jewelry and also provides educational materials and online tools that allow consumers to be in greater control and better understand the jewelry shopping process. The company sells its products online through its website and through five company stores (“webrooms”) located in Garden City, NY; White Plains, NY; Tysons Corner, VA; Portland, OR; and Bellevue, WA. Blue Nile was founded in 1999 and is headquartered in Seattle (www.bluenile.com).
“Blue Nile is a unique business with a strong platform in an industry that is rapidly evolving and migrating online,” said Ryan Cotton, a Managing Director at Bain Capital Private Equity. “We are excited to partner with Bow Street, as well as with Adama Partners who brings a great deal of industry experience, in order to help Blue Nile continue to lead the transformation of the customer purchase experience in engagement rings and fine jewelry.”
“Blue Nile has disrupted and transformed the way consumers shop for and purchase diamonds and fine jewelry by creating price transparency while simultaneously providing value to suppliers,” said Blue Nile Chairman, CEO and President Harvey Kanter. “As we enter the next phase of growth, Blue Nile will continue to expand our vision and focus on putting the customer first by reaching them the way they prefer to shop whether it’s a computer, mobile device, or in one of our webrooms.”
Bain Capital Private Equity was founded in 1984 and invests in the consumer and retail; financial and business services; healthcare; industrials; and technology, media and telecommunications sectors. The firm has offices in New York and Boston (www.baincapitalprivateequity.com).
Bow Street is an investment manager that partners with institutional investors and family offices to invest opportunistically in both public and private companies. The firm was founded by Howard Shainker and Akiva Katz in 2011 and is based in New York (www.bowstreetllc.com).
Adama Partners, formerly known as Isidor, is an investor in the diamond, gemstone and jewelry industry. The company is a valued added investor through its experience with supply analytics, product sourcing, pricing, manufacturing, branding and distribution. The firm as founded by Ori Levy and Oren Schneider in 2008 and is based in New York (www.adamapartners.com).
Goldman Sachs & Co. provided debt for the transaction and BofA Merrill Lynch was the financial advisor to Blue Nile.
© 2017 Private Equity Professional | February 21, 2017
