Online Jewelry Retailer Ross-Simons Acquired by Nonantum Capital
BOSTON — Nonantum Capital Partners announced the acquisition of direct-to-consumer jewelry retailer Ross-Simons.
“Since 1952, our core focus has been to provide our customers with high-quality jewelry and exceptional customer service at an attractive value,” said Darrell Ross, founder of Ross-Simons. “We are proud to partner with Nonantum as they believe in our vision and will support us in the next stage of our company’s storied history.”
Financial terms of the deal were not disclosed.
Rhode Island-based Ross-Simons “has consistently grown its customer base over the past five years fueled primarily by new customer acquisition,” according to a press release from Nonantum.
“The company credits its steady growth to its proprietary products, diverse marketing mix, and continued focus on the changing shopping patterns of its core customer base of self-purchasing women.”
“While the U.S. continues to see strong overall growth in the jewelry industry, consumer spending has been steadily shifting from brick-and-mortar jewelry retailers to online retail,” said Jim Speltz, CEO of Ross-Simons. “Ross-Simons derives its strength in direct-to-consumer from its long tenure in the catalog business. We pride ourselves on adapting to engage the consumer wherever she wants to shop.”
Jon Biotti, managing partner of Nonantum, said, “We are pleased to partner with the leadership team at Ross-Simons including Darrell and Jim who will continue to serve as valuable owner-partners as we grow the brand. We are excited to support the company’s evolution as it realizes its full potential as a preeminent industry leader in quality and customer service, and as a best-in-class employer.”
Nonantum is a middle-market private equity firm focused on investing in family and founder-led businesses, corporate carve-outs and complex situations.