The Colibri Group, the Providence, R.I.-based jewelry manufacturer that acquired Krementz & Co. in 1997 and the Seth Thomas Clock Co. in 2001, has signed a letter of intent to purchase Chicago-based Princess Pride Creations/Donald Bruce & Co. Gary Solomon, president of Princess Pride, will remain in his post and in addition he will become an executive vice president of Colibri.
Fred Levinger, CEO of Colibri, told JCK he hopes the sale will be complete before the JCK Show ~ Las Vegas.
“They [Princess Pride] have a great locket line. They’ve had a reputation for high-quality crosses and lockets for 30 years. It’s very synergistic with our Shiman [religious jewelry] line,” Levinger said. Colibri acquired the Shiman line from Krementz nine years ago, but generally the firm hasn’t made many lockets.
He added, “The opportunity to have an executive of Mr. Solomon’s caliber on the Colibri team is particularly exciting and gratifying. Gary has built a great business model and is one of the most respected executives in the industry.”
Colibri’s plan is to expand the Princess Pride line to independent jewelers. At present, it’s targeted mainly to the majors, but Levinger says Colibri’s 48-person sales force will broaden its reach to independents.
When asked what would happen to Princess Pride’s existing sales force, Levinger told JCK he hopes to maintain the relationships Princess Pride had [with the majors] and add to them with independent jewelers.
The acquisition also has a slightly ironic twist: Princess Pride had, at one time, considered acquiring Krementz & Co.