Buffett Bags Prime Time
By Staff -- JCK-Jewelers Circular Keystone, 1/1/2008
The Richline Group, owned by Warren Buffett's holding company Berkshire Hathaway, recently acquired gold jewelry company Prime Time. It was Richline's second acquisition in a matter of weeks, following its purchase of another gold jewelry company, Alarama.
"With the price of gold at near-record levels, this particular category in fine jewelry will become, strategically, even more important than in the past, and Prime Time is an ideal addition to our brands," Richline chief executive officer Dennis Ulrich said in a statement.
Prime Time will operate as a stand-alone company, Richline said. Sal Eacuello Jr., who founded Prime Time in 1988, will retire. Joe Esposito will continue as the company's executive vice president of manufacturing and operations, and John Antolino will continue as executive vice president of sales and merchandising.
