Quality Gold is acquiring IBGoodman Manufacturing Co., the 85-year-old company known for its men’s jewelry.
No terms were provided. The acquisition will be completed by June 30.
Quality Gold CEO Michael Langhammer tells JCK that the acquisition of the well-known brand will boost his company’s men’s offerings.
“IBGoodman’s gents line is the premier gent’s line in the country,” he says. “There’s a gold mine of SKUs and designs.”
Jonathan Goodman Cohen, IBGoodman’s president and CEO and the third generation of his family to head the company, says the deal “checked off a lot of boxes” for him, as it both continued the brand and took care of his employees.
Both companies are family businesses and are among the few remaining American jewelry manufacturers, he says.
The two companies are reasonably close geographically—Quality Gold is based in Fairfield, Ohio, while IBGoodman is located about 40 minutes away, in Newport, Ky. Goodman’s operations will relocate to Quality Gold’s headquarters, and Langhammer hopes that most of Goodman’s current team will come aboard.
Arkadiy Goodman, Jonathan’s cousin who currently serves as IBGoodman’s chief operating officer, is among those moving over to Quality Gold, Cohen says.
Cohen says he has “no professional commitments” going forward, other than helping with the transition.
“I’ve been steward of this business for 30 years,” he says. “I have three sons who are each in their own fields. I don’t think any investments will be meaningful without the next generation involved. So now it will fall to Michael and his children, who are very involved and enthusiastic about learning what we do. He really has a vision for the future and the resources to achieve his goals.”
IBGoodman was founded in 1937, by I.B. “Buster” Goodman. In 1976, the business was passed on to his daughters, Babette Goodman Cohen and Jane Goodman Baum, with Babette taking the leadership role. Babette later became the first woman admitted to the Diamond Dealers Club of New York and the 24 Karat Club of the City of New York. In 1993, Babette and Jane received the Lifetime Achievement Award from the Women’s Jewelry Association.
Jonathan joined the business in 1991 and became its president in 1999.
Past Quality Gold acquisitions include Leslie’s, Star Ring, De-Ani, North American Jewelers, Luxury Giftware by Jere, and Wideband Jewelry.
Top: Mens’ jewelry from IBGoodman (photo courtesy of Quality Gold)
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