MajorsJul 02, 2021
Blue Nile, Zac Posen Introduce Genderless Bridal LineMajorsJun 13, 2022
Blue Nile to Become a Public Company Again
It is merging with a special purpose acquisition company called Mudrick Capital Acquisition Corporation II.
The Blue Nile showroom in Silicon Valley, California. The retailer, which went private after being purchased by private equity firms a few years ago, plans to go public again in a deal with an SPAC called Mudrick Capital.
Bellevue, Washington—Blue Nile Inc. is set to become a public company again through a merger with special purpose acquisition company Mudrick Capital Acquisition Corporation II, according to a statement released Friday.
Blue Nile was publicly traded until its acquisition by Bain Capital Private Equity and Bow Street LLC in a $500 million deal that shareholders approved in February 2017.
The deal with SPAC Mudrick values Blue Nile at $683 million and puts the value of the combined companies at $873 million.
The transaction is expected to generate about $450 million of capital, including $50 million in new preferred equity provided by Mudrick and $80 million in PIPE (private investment in public equity) capital from existing Blue Nile backers Bain Capital Private Equity, Bow Street and Adama Partners, as well as from Mudrick, the company said.
Current Blue Nile CEO Sean Kell and his current management team will continue to lead the retailer post-acquisition. Kell has been at the helm since August 2019.
The company will still be called Blue Nile and is expected to trade on NASDAQ.
“Over the past two and a half years we have successfully transformed and elevated Blue Nile as a thriving fine jewelry and lifestyle brand, and we are excited about the growth opportunities that lie ahead,” Kell said.
“We have only scratched the surface of an estimated $320 billion global fine jewelry market that has been slow to move online and remains fragmented. As we look to execute our growth strategy, now is the right time to become a public company.”
Blue Nile was publicly traded until its acquisition by Bain Capital Private Equity and Bow Street LLC in a $500 million deal that shareholders approved in February 2017.
The deal with SPAC Mudrick values Blue Nile at $683 million and puts the value of the combined companies at $873 million.
The transaction is expected to generate about $450 million of capital, including $50 million in new preferred equity provided by Mudrick and $80 million in PIPE (private investment in public equity) capital from existing Blue Nile backers Bain Capital Private Equity, Bow Street and Adama Partners, as well as from Mudrick, the company said.
Current Blue Nile CEO Sean Kell and his current management team will continue to lead the retailer post-acquisition. Kell has been at the helm since August 2019.
The company will still be called Blue Nile and is expected to trade on NASDAQ.
“Over the past two and a half years we have successfully transformed and elevated Blue Nile as a thriving fine jewelry and lifestyle brand, and we are excited about the growth opportunities that lie ahead,” Kell said.
“We have only scratched the surface of an estimated $320 billion global fine jewelry market that has been slow to move online and remains fragmented. As we look to execute our growth strategy, now is the right time to become a public company.”
The boards of directors of Blue Nile and Mudrick Capital Acquisition Corporation II have approved the transaction.
It still requires the approval of Mudrick stockholders and is subject to other customary closing conditions.
The deal is expected to close early in the fourth quarter of 2022.
Blue Nile ranked No. 10 among North America’s top jewelry sellers in National Jeweler’s 2022 State of the Majors report, with an estimated $741 million in jewelry sales.
The company launched as an online-only retailer in 1999 but has opened a number of “asset light” showrooms over the years—physical locations with a small amount of inventory for customers to try on, though they still place their orders online.
It currently has 18 physical locations, with new stores coming soon at Lenox Square mall in Atlanta and at the Mall of America, according to its website.
It plans to have opened approximately 40 showrooms by the end of 2023.
TechnologyApr 15, 2021
Blue Nile Hires Amazon, Timex Execs
MajorsMar 29, 2021
Blue Nile Opens Silicon Valley ShowroomMore on Majors
The Latest
WatchesJun 30, 2026
Pokémon Fans Will Want to Catch This New G-Shock WatchThe new watch commemorates Pokémon’s 30th anniversary.
CollectionsJun 30, 2026
Jade Ruzzo’s New Collection Embodies the Art of Being a LadyThe “Lady” collection is a new take on old beauty standards with gemstone-adorned hair pins and combs, a compact mirror necklace, and more.
SourcingJun 30, 2026
Blue Nile Introduces Montana Sapphire CollectionThe new line is included in the e-tailer’s curation of jewelry celebrating America’s 250th anniversary.
Brought to you by
Wedding Band Trends 2026: Personalization Takes Center StageColored gemstones, artisan finishes, mixed metals, and meaningful details are shaping demand in bridal jewelry.
GradingJun 30, 2026
AGS Opens 2026 Recertification ExamAll active members who earned their credential or designation before Dec. 1, 2025, are required to recertify.
Weekly QuizJun 25, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
CollectionsJun 29, 2026
Briony Raymond’s New Collection Is a ‘Carousel’ of Hard StonesThe new jewelry collection uses a colorful palette of onyx, malachite, tiger’s eye, mother-of-pearl, lapis, turquoise, and coral.
IndependentsJun 29, 2026
Look Inside Lee Michaels’ Revamped Mississippi FlagshipLee Michaels Fine Jewelry is celebrating 30 years in the Ridgeland, Mississippi community.
Brought to you by
Building the Future of Jewelry Retail: DCA Expands Education, Leadership Development, and Workforce SolutionsDCA is preparing the next generation of professionals by supporting workforce development, leadership growth, and career advancement.
GradingJun 29, 2026
National Rarities Announces New Gemology ManagerSean Milliner has joined the company.
GradingJun 29, 2026
GIA to Open New London CampusClasses will begin in August at GIA’s new Canary Wharf location.
AuctionsJun 26, 2026
‘Hogback’ Diamond Ring Finds a New Home A ring set with “hogback” diamonds, an early stone cut dating to around the 16th century, sold for more than $20,000 at a U.K. auction.
CollectionsJun 26, 2026
Strength Is Sharpened Into Beauty in Kris Averi’s ‘Prism Thorn’ RingThe rainbow version of the ring, our Piece of the Week, features angel-cut, octahedral lab-grown sapphires designed to be worn as armor.
TrendsJun 26, 2026
Bernard James Celebrates Knicks’ Win with RingThe Brooklyn-based jeweler created a limited-edition version of its “Aura” eternity band, set with gemstones in the team’s colors.
SourcingJun 25, 2026
ICA Names Brandee Dallow as CEODallow will lead the International Colored Gemstone Association, effective July 6.
EditorsJun 25, 2026
Out & About: How Jewelers Mutual, SCAD Are Tackling the Bench Jeweler ShortageSenior Editor Lenore Fedow headed to Savannah to learn more about the 10-year, $10 million partnership between JM and the art school.
CollectionsJun 25, 2026
Mejuri Experiments With SteelIts new capsule jewelry collection features gold-finished stainless steel pieces designed for a maximalist look without a luxury price tag.
Events & AwardsJun 25, 2026
Watches & Wonders Announces 2027 DatesThe week-long event in Geneva is slated for April 2027.
SourcingJun 25, 2026
Annie Doresca, Mark Smelzer, Sara Yood Join Gem Legacy BoardThe three industry leaders bring financial, communications, and legal expertise to the nonprofit’s board of directors.
ColumnistsJun 24, 2026
The Revenue Hiding Between Your Counter and Your Online CartJewelers are missing out by not offering this one key add-on at the online point of sale, Emmanuel Raheb writes.
CollectionsJun 24, 2026
Greenwich St. Jewelers, Jewel Boxing’s Latest Drop Is On-TrendThe fourth collaborative collection from the retailer and jewelry content creator focuses on gemstone charms and strands of colorful beads.
Events & AwardsJun 24, 2026
AGTA Accepting Entries for Spectrum 2026This year’s AGTA Spectrum & Cutting Edge Awards will feature two new categories.
SourcingJun 24, 2026
Columbia Gem House To Offer Alexandrite Melee OnlineThe collection features traceable alexandrite from Brazil in calibrated sizes that is sorted by grade.
MajorsJun 24, 2026
CaratLane Names New Chief Sales OfficerDhaval Raja has been appointed to the role.
CollectionsJun 23, 2026
Francesca Villa Goes ‘On the Road’The capsule collection looks to vintage trunk pins that echo the spirit of speed, freedom, and the mythology of the American road trip.
SourcingJun 23, 2026
New Paraíba Tourmaline Source Reportedly Discovered in EthiopiaSSEF issued a notice about the potential new source of the sought-after gemstone, citing “credible reports” from trade sources.
MajorsJun 23, 2026
Etsy Says ‘Shop Other Jeffs’ This Prime DayAs Amazon Prime Day kicks off, Etsy is encouraging shoppers to support small businesses.
Events & AwardsJun 23, 2026
AGA Announces 2026 Scholarship WinnerCole Winward is the recipient of 2026 AGA Gemological Scholarship.
