Quality Gold Acquires IBGoodman
The acquisition will allow Quality Gold to bolster its men’s jewelry offerings.
The Newport, Kentucky-based manufacturer is best known for its men’s jewelry and other specialty product lines, sold at retailers worldwide.
It has been a family-owned and operated business since its founding in 1937.
“IBGoodman has a huge collection of rings and accessories for men. This acquisition accelerates our growth potential within the men’s jewelry sector,” said Quality Gold COO Jason Langhammer.
“It is a smart and strong addition for us. We are looking forward to building upon their success."
Quality Gold CEO Michael Langhammer said IBGoodman’s “world-class” products, name recognition, and loyal retailer base piqued his company’s interest.
“The IBGoodman name is well recognized and stands for quality. All their strengths will be integrated and built upon. Quality Gold intends to learn from them and move the brands forward,” said Langhammer.
IBGoodman products will continue to be sold under the IBGoodman brand names.
The fact that Quality Gold is also a family-owned and operated jewelry manufacturer was important to IBGoodman President and CEO Jonathan Goodman Cohen, he said.
“I’ve gotten to know the Langhammers over the years. They are honorable people with capable staff and the next generation in place to build the business,” he said.
IBGoodman’s inventory, equipment, staff, and operations will be relocated from Newport, Kentucky, to Fairfield, Ohio, about 40 minutes away.
“IBGoodman and Quality Gold staff are working closely to integrate operations quickly and smoothly during this ownership transition,” said the companies in a joint press release.
The acquisition will be completed by June 30.
Both companies will be on-site in the Plumb Club pavilion at the JCK show in Las Vegas. Staff from Quality Gold will be at PC-230 while IBGoodman will be at PC-120.
Quality Gold has acquired several companies in recent years, both in the U.S. and overseas, as part of a long-term strategic plan to strengthen its vertical positioning.
Its list of acquisitions includes California-based pendant manufacturer De-ani, gold jewelry supplier Leslie’s, California-based supplier Star Ring Inc. and its Romance Ring division, giftware and jewelry company Luxury Giftware by Jere LLC, and Chicago-based supplier North American Jewelers Inc. as well as its wholly owned subsidiary Steckbeck Jewelry PVT LTD in Mumbai.
The current agreement, originally set to expire in 2020, will now go through June 2023.
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