Daniel's Sells Majority Stake
Palladium Equity Partners, LLC (along with its affiliates, "Palladium"), a private investment firm with over $2.5 billion in assets under management, today announced that it has made a majority investment in Daniel's Jewelers ("Daniel's" or the "Company"), a specialty jewelry retailer in California.
Daniel's Jewelers, founded in 1948 as a family-operated business, has grown from a single store to 73 locations throughout Los Angeles, the Inland Empire, San Diego, Orange Country, Ventura, the Central Valley and the Central Coast.
"Daniel's Jewelers has established an attractive market position over the past 66 years with a well-respected brand, strong customer loyalty and compelling value proposition to its customers," said Luis Zaldivar, a Managing Director of Palladium. "We look forward to working with the Daniel's leadership team on a range of new initiatives to support the growth of the Company, including opening new locations and pursuing strategic acquisitions, both inside and outside of California."
Daniel's will continue to be led by David Sherwood, a member of the founding family and the Company's Chief Executive Officer since 2007.
Sherwood said, "We are delighted to partner with Palladium, a firm with extensive expertise and many years of experience helping founder-owned businesses reach the next level of growth. With this partnership in place, we are well-positioned to continue offering the strong service and convenient financing options upon which my grandparents, father and uncle built the company as we expand our footprint into new markets."
Terms of the investment were not disclosed. Daniel's was advised by The Sage Group.
About Daniel's Jewelers
Headquartered in Culver City, California, Daniel's is a specialty jewelry retailer serving the southern and central California markets through a footprint of 73 retail locations. Its family-operated business has been making diamond dreams come true and serving its customers jewelry & credit needs since 1948.
The Sage Group acted as exclusive financial advisor to Daniel's Jewelers.