Hyde Park Jewelers has acquired noted Newport Beach, Calif.–based independent retailer Traditional Jewelers.

Traditional Jewelers, founded in 1975, will be renovated and expanded next year, according to a Hyde Park release. The store’s founder, Marion Halfacre, died in 2007.

“This is the first time in 35 years we have made an acquisition,” says Michael Pollak, CEO and owner of Hyde Park Jewelers. “The store has a great following, and what made it attractive is the group of brands they represent and the demographics of Southern California and the Newport market. We thought it was a great strategic fit.”

For the time being, Traditional will keep its name. “Down the road, we’ll examine if it’s best to keep it as a separate brand,” Pollak says. “But we won’t make that judgment for a long time to come.”

Hyde Park also plans to open a Rolex boutique next fall at the Forum Shops at Caesars Palace in Las Vegas, as well as the first Omega store run by an authorized dealer. The company, which has four stores with the addition of Traditional, received new financing in June.

JCK