Boston-based middle-market private equity firm Nonantum Capital Partners is purchasing Rhode Island-based Ross-Simons for an undisclosed sum. Ross-Simons sells jewelry across a wide range of price points via website, catalogs, and digital marketplaces. The retailer also operates a flagship store in Warwick, R.I. and two stores under the Sidney Thomas banner in New Jersey and Delaware.
Ross-Simons has consistently grown its customer base over the past five years fueled primarily by new customer acquisition. The company credits its steady growth to its proprietary products, diverse marketing mix, and continued focus on the changing shopping patterns of its core customer base of self-purchasing women.
“Since 1952, our core focus has been to provide our customers with high-quality jewelry and exceptional customer service at an attractive value,” said Darrell Ross, founder, Ross-Simons. “We are proud to partner with Nonantum as they believe in our vision and will support us in the next stage of our company’s storied history.”
“While the U.S. continues to see strong overall growth in the jewelry industry, consumer spending has been steadily shifting from brick-and-mortar jewelry retailers to online retail. Ross-Simons derives its strength in direct-to-consumer from its long tenure in the catalog business. We pride ourselves on adapting to engage the consumer wherever she wants to shop,” said Jim Speltz, CEO, Ross-Simons.
“We are pleased to partner with the leadership team at Ross-Simons including Darrell and Jim who will continue to serve as valuable owner-partners as we grow the brand,” said Jon Biotti, managing partner, Nonantum. “We are excited to support the company’s evolution as it realizes its full potential as a preeminent industry leader in quality and customer service, and as a best-in-class employer.”
The consumer products-focused investment banking firm Consensus Advisors and law firm Hinckley Allen acted as advisors to Ross-Simons. Goodwin Procter advised Nonantum.
Source: Chain Store Age