The Riddle’s Jewelry chain has acquired the wholesale and manufacturing division of Landstrom’s, considered the oldest Black Hills gold manufacturer in South Dakota.
Both companies are based in Rapid City, South Dakota. The purchase price was not disclosed.
The 45-store retailer did not acquire the rights to the Landstrom’s name; it is licensing it for the time being, says David Westergaard, executive vice president and chief financial officer for the Riddle’s Group.
The company plans to keep current Landstrom’s management in place and anticipates things will stay “business as usual,” including continued sales to other retailers, Westergaard says.
The acquisition “offers some real opportunities for economies of scale and diversification,” and could “increase the footprints of both names,” Westergaard says.
While the deal includes all operating assets of the wholesale and manufacturing business, it does not include the Landstrom’s retail store in Rapid City, which is a separate business.
The origins of Landstrom’s date back to 1878, when S.T. Butler began producing jewelry with his son in Deadwood, South Dakota. The Landstrom family has been involved in the business since 1944, according to a company history.