Private equity firm JH Partners has taken a stake in Alex and Ani, in a move meant to finance the jewelry chain’s rapid expansion.
A statement did not disclose terms. The stake is a minority holding. The San Francisco–based JH Partners has holdings in a number of consumer brands including jewelry retailer Lussori.
Alex and Ani, headquartered in Providence, R.I., currently has 18 stores in 11 states. It plans to add another 10 to 15 stores by the end of the year, a spokeswoman says.
According to The Wall Street Journal, the 8-year-old retailer and manufacturer hopes to do $75 million in business this year—more than four times the $17 million it did in 2011. Next year it hopes to hit $150 million.
Its retail arm currently has stores in Rhode Island, Massachusetts, New Hampshire, Connecticut, New York, New Jersey, Delaware, Maryland, Florida, Colorado, and California. Over the next year, the company is expanding into 18 additional states: Maine, Vermont, Pennsylvania, South Carolina, Georgia, Alabama, Mississippi, Louisiana, Tennessee, Kentucky, Illinois, Utah, Michigan, Missouri, New Mexico, Texas, Oregon, and Washington. It also sells internationally.