Bel-Oro acquires Michael Anthony Jewelers

By JCK Online Staff -- JCK Online, 8/18/2005 2:00:00 AM

Bel-Oro Intl., one of the largest U.S. distributors of fine jewelry including gold, silver and precious stone items, has acquired the operating assets of Michael Anthony Jewelers, Inc.

Under the terms of the transaction announced Wednesday, Michael Paolercio, Anthony Paolercio and Shelly Light will become executives with Bel-Oro International. In a related transaction, Bel-Oro International has acquired the MADOR factory owned and operated by Michael Anthony in the Dominican Republic.

New York-based Bel-Oro Intl. operates the Bel-Oro, Pace and Sardelli group of companies that supply major U.S. and international retailers. Michael Anthony is based in Mt. Vernon, N.Y. and has more than 30 years experience as a designer, marketer and manufacturer of fine gold jewelry and watches.

"The addition of Michael Anthony's state-of-the-art offshore factory allows us to provide leading retailers with a full range of services, from direct overseas product sourcing to value-added merchandising and distribution," said Dennis Ulrich, CEO of Bel-Oro.

As part of the financing for the transaction, Bel-Oro has finalized a new multiyear commitment led by Sovereign Bank and ABN AMRO Bank N.V., in addition to JPMorgan Chase Bank, N.A. and HSBC Bank USA, National Association, to provide it with senior credit facilities.