Alliance Time, Bidz.com Acquire Colibri Assets
Updated; 3/27/09 11:44 a.m.
By JCK Online Staff -- JCK Online, 3/25/2009 8:59:00 AM
Alliance Time—a New York-based distributor of brand name and designer jewelry, watches and accessories—said Wednesday it has acquired the entire inventory of goods, intellectual property, and trademarks of three brands formerly owned by The Colibri Group: Colibri, Seth Thomas, and Linden Clocks.
In addition, Bidz.com placed the high bid for just about all of the remaining jewelry lines manufactured by Colibri, including the Dolan Bullock, Krementz, Darling Diamonds, and Princess Pride brands, Chris Ellis, managing member and president of Consensus Advisors, told JCK Friday. The e-commerce company paid $6 million.
Alliance Time, in a statement issued Wednesday, said it plans to leverage its distribution channels with mid-sized and large market retailers, national chains, and high-volume e-commerce sites to promote and sell the range of Colibri, Seth Thomas, and Linden products that it purchased as part of a recent receivership auction for the defunct Colibri Group.
Alliance Time paid $2.3 million for the three brands, Ellis said.
The Colibri Group abruptly shut its doors Jan. 14 and went into receivership. An auction for its assets was held March 19. The East Providence, R.I.-based manufacturer and distributor also had the distribution rights to the Movado and Tonino Lamborghini brands.
"Colibri, Seth Thomas, and Linden are well-known brands with a history of quality and consumer appeal -- from the ubiquitous Colibri lighter to the iconic Seth Thomas-manufactured clock in Grand Central Station in New York," said Eli Katz, Alliance Time president, retail division. "We believe that their brand recognition combined with the strength of Alliance Time's distribution network will reinvigorate their presence in the marketplace."
Alliance Time also said it is asking former employees of The Colibri Group to contact them directly at colibri@alliancetime.com, for background analysis and for potential work opportunities.
"As we look into possibly developing and growing these brands for the future, we would be remiss, if we didn't explore tapping into the people and resources that previously served Colibri, Seth Thomas, and Linden well. We are confident that we can leverage the synergy of our existing infrastructure with the historic legacy of these brands" Katz said.
The Colibri Group, based in, was one of the best-known U.S. suppliers of independent and chain jewelers. It was purchased in June, 2005, by three private equity firms led by Founders Equity.
The former owner was Fred Levinger. Levinger and his father bought Colibri in 1971, when it had annual sales of $1.3 million. When he sold it, its annual business was $100 million and it had 500 employees.
