The company signed a letter of intent to acquire 100 percent of the custom jeweler’s assets
Mine gate–to-customer jewelry company Reign Sapphire Corp. has signed a binding letter of intent to acquire 100 percent of custom jewelry company Coordinates Collection’s assets, Reign announced earlier this week. Coordinates Collection, which was founded in 2012, offers customized jewelry, designed and manufactured in Los Angeles, that displays the latitude and longitude of places selected by the customer; it has a 90 percent online distribution as well as hundreds of wholesale accounts and distributions to Middle East markets. Revenue for its last financial year was $3.2 million. The acquisition is expected to close in December of this year.
“Coordinates Collection is a strong accretive acquisition for Reign,” said Joseph Segelman, Reign’s CEO, in a press release. “It has the dynamic infrastructure, human resources, intellectual property, supply chain, product, up- and downstream distribution, geographic expansion, and revenue synergies that will support the growth of our collective brands throughout the United States, Europe, Asia, and the Middle East.
The terms of the acquisition will keep Owen DeVries, founder of Coordinates Collection, on board as head of international business development and strategic partnerships across the Reign group of companies. Coordinate Collection’s team and downtown Los Angeles infrastructure is also expected to remain intact. The company’s Widgets, a 3-D web simulator and first-of-its-kind retail display and sales technology kiosk, will work to complement Reign’s online shopping approach.
“We are thrilled to integrate with Reign Sapphire Corp. as we carry forward our innovative and highly successful brand growth expertise into this new incarnation,” said DeVries, also in a press release. “We are highly confident that the combination of Reign and Coordinates Collection will yield exponential growth across our brands by leveraging our unique and soon-to-be united expertise. Together, Reign will strengthen its core capabilities to expand not just vertically but also outwardly, across channels and geographies with truly compelling brand growth, technology, and strategies that will gain strong traction.”@jckmagazine
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