JewelPop, the company behind Kameleon Jewelry, has been acquired by private equity firm Lynx Equity.
The deal also includes the acquisition of Canadian distributor Lotus Jewellery. Terms were not disclosed.
The current management and staff of Dartmouth, Nova Scotia-based JewelPop will remain in place, according to a statement issued by Lynx Equity. Robert Smith, who founded the company in 2007, will stay on as president.
In 2012, a Canadian magazine ranked JewelPop as the fifth-fastest-growing company in Canada. According to the report, in 2011, it generated 14.5 million Canadian dollars ($14.1 million U.S.) in revenue—over 7,000 percent growth over the prior year.
Lynx Equity, a Toronto-based manager of private equity funds, targets transactions between $2 million and $8 million and “focuses on acquiring small and medium-sized business from owners looking to retire,” according to its statement, using a “buy and hold strategy.” The private equity firm also recently acquired fashion wholesaler Fine Line Imports.
“We are very excited to be partnering with Lynx Equity and look forward to growing this business together,” JewelPop cofounders Robert and Allison Smith said in the statement.Follow JCK on Instagram: @jckmagazine
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