Private equity firm Palladium Equity Partners has bought 73-store chain Daniel’s Jewelers, with plans to grow the business outside its California base.
Terms of the majority investment were not disclosed. The company will continue to be led by David Sherwood, its CEO since 2007, and a member of its founding family.
Growth plans include new locations and acquisitions both inside and outside of California, a statement said. The company was founded in 1948, and now has 73 locations throughout Los Angeles, the Inland Empire, San Diego, Orange and Ventura counties, the Central Valley, and the Central Coast.
New York City–based Palladium’s $2.5 billion portfolio includes several consumer names, including Wise Foods, the potato chip company, but no other jewelry brands.
Daniel’s was advised by the Sage Group.