Majors

Robbins Brothers’ Management Buys Back Company

MajorsJan 13, 2022

Robbins Brothers’ Management Buys Back Company

The jewelry store chain was sold to a private equity firm as part of bankruptcy proceedings in 2009.

The management team of jewelry store chain Robbins Brothers was recently bought back from a private equity company. (Image courtesy of Robbins Brothers’ website)
Azusa, Calif.—Robbins Brothers’ management has bought back the company after selling it during bankruptcy proceedings in 2009.
 
The California-based jewelry store chain filed for Chapter 11 bankruptcy protection in March 2009.
 
At the time, the company had $66 million in assets and $77 million in liabilities, and more than 1,000 creditors.
 
As part of the proceedings, the company split itself into two parts to sell.
 
It sold some of its stores in Illinois and Texas to Canadian jewelry company Spence Diamonds. Weston Presidio Capital IV, which already owned 40 percent of the company at the time, purchased the remaining assets.
 
In January 2014, Weston Presidio Capital sold the company to private equity firm Comvest Partners.
 
The leadership team at Robbins Brothers, with the help of Main Street Capital Corporation and its co-investors, gathered the funds to buy the company back from Comvest Partners via a mix of first-lien, senior secured term debt and a direct equity investment.
 
Robbins Brothers was founded in 1921 as a family business, opening its first store in Seattle and later branching out to California and beyond.
 
The current leadership team includes CEO Marc Friedant, Vice President of Stores Mark Pimental, Vice President of Merchandising Susan Davidson Hopeman, and Vice President of Marketing Kris Land.
 
The company tied at No. 37 on National Jeweler’s 2021 State of the Majors “Top 50 Specialty Jewelers” list.
 
“Robbins Brothers differentiates itself through its unwavering dedication to superior services, best-in-class selection, a comforting ambience and a steadfast commitment, which results in attractive unit economics,” said Diego Fernandez, managing director at Main Street, in a press release about the buyout.
 
The company said it will host in-store and online initiatives to drive sales growth and improve profitability.
 
“The company successfully navigated the challenging early stages of the pandemic and emerged with exciting same-store sales and profitability performance, while setting the stage for our future growth initiatives,” said Robbins Brothers President and CEO Marc Friedant.
 
Robbins Brothers operates 15 stores in Arizona, California, Texas, and Washington.
 
 Related stories will be right here … 
Lenore Fedowis the associate editor, news at National Jeweler, covering the retail beat and the business side of jewelry.

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