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
Events & AwardsJun 06, 2025
Here Are the 2025 Retailer Hall of Fame InducteesThis year’s honorees include a Midwest retailer and two multi-store independents, one in New York and the other in New England.
CollectionsJun 06, 2025
Piece of the Week: Harwell Godfrey’s ‘Granny Squares Eleanor’ Necklace As an homage to iconic crochet blankets, the necklace features the nostalgic motif through a kaleidoscope of cabochon-cut stones.
Events & AwardsJun 05, 2025
The 12 Fresh Faces in Couture’s Design AtelierDiscover the dozen up-and-coming brands exhibiting in the Design Atelier for the first time.
Brought to you by
The True Power Behind the Counter: Why Sales Associates Are the Heart of the Jewelry BusinessWhen investing in your jewelry business, it's important not to overlook the most crucial element of success: the sales associates.
SourcingJun 05, 2025
A Rare Suite of Rubies Has Arrived in Las VegasThe “Royal Ruby” Collection is a quintet of untreated rubies curated by collector Jack Abraham.
Weekly QuizJun 05, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
Events & AwardsJun 05, 2025
Daymond John to Give Keynote at JCK Las VegasThe entrepreneur and “Shark Tank” star will share his top tips for success.
Events & AwardsJun 05, 2025
Zillion Announces 'Women in STEM' Scholarship RecipientMeredith Tiderington, an electrical engineering student, was selected for the award.
Brought to you by
Clienteling Isn’t a Buzzword. It’s an Essential Business Model.More shoppers are walking out without buying. Here’s how smart jewelers can bring them back—and the tool they need to do it right.
Lab-GrownJun 04, 2025
GIA Reverting to More General Terminology for Lab-Grown DiamondsIt will quit assigning the stones specific color and clarity grades in favor of applying “new descriptive terminology.”
Events & AwardsJun 04, 2025
As JCK Talks Returns, Don’t Miss These 12 SessionsFrom design trends to sustainability, here’s a roundup of can’t-miss education sessions at JCK Las Vegas.
CrimeJun 04, 2025
10 Safety Tips for the Las Vegas Shows The Jewelers’ Security Alliance offers advice for those attending the annual trade shows.
CollectionsJun 03, 2025
In Her Latest Collection, Viviana Langhoff Is Leaning Into GoldThe designer is embracing bold pieces with weight to them in “AU79,” a collection she celebrated with a creative launch party.
FinancialsJun 03, 2025
Signet Jewelers Sees Turnaround in Q1 With Sales Ticking Up 2%On an earnings call, CEO J.K. Symancyk discussed what’s working for the company and how it’s preparing for the potential impact of tariffs.
SurveysJun 03, 2025
Consumer Confidence Improves in May The index partially rebounded after months of decline, due in part to the U.S.-China deal to temporarily reduce import tariffs.
CollectionsJun 03, 2025
Dakota Johnson Is Roberto Coin’s New Brand AmbassadorThe actress stars in the latest campaign set in Venice, Italy, and is set to participate in other creative initiatives for the jeweler.
GradingJun 03, 2025
Mason-Kay Jade Adds ‘Fei Cui’ to Jade ReportsThe company has joined other labs, including GIA and Lotus Gemology, in adopting the Chinese term for "jadeite jade."
SourcingJun 02, 2025
Gemfields’ June Auction to Include 36-Carat RubyThe large stone will be offered at its June sale along with a selection of secondary-type rubies from a new area of the Montepuez mine.
GradingJun 02, 2025
GSI Opens New Lab in Thailand Located in Bangkok, the laboratory is Gemological Science International’s 14th location worldwide.
TrendsJun 02, 2025
Amanda’s Style File: Three Gems for June Those born in June have a myriad of options for their birthstone jewelry.
SourcingJun 02, 2025
David Allouche Joins Grandview Klein DiamondsThe diamond industry veteran has been named its senior sales executive.
FinancialsMay 30, 2025
Movado’s Q1 Sales Slip Amid ‘Challenging’ Retail Environment The company plans to raise the prices of select watches to offset the impact of tariffs.
Policies & IssuesMay 30, 2025
Tariffs & Designers: Navigating Pricing in an Unstable EnvironmentBetween tariffs and the sky-high cost of gold, designers enter this year’s Las Vegas shows with a lot of questions and few answers.
CollectionsMay 30, 2025
Piece of the Week: Renato Cipullo’s ‘Hematite Blaze’ NecklaceDesigned by founder Renato and his daughter Serena Cipullo, it showcases a flame motif representing unity and the power of gathering.
Policies & IssuesMay 30, 2025
Trade Court Declares Trump’s Tariffs InvalidHowever, the tariffs remain in effect in the short term, as an appeals court has stayed the U.S. Court of International Trade’s decision.
CollectionsMay 29, 2025
Britney Spears Files Trademark for New Jewelry LineThe pop icon is one step closer to launching her “B Tiny” jewelry collection, a collection she first began posting about last fall.
Supplier BulletinMay 29, 2025
Inoveo Platinum Grain, Exclusively Distributed by StullerSponsored by Stuller
SourcingMay 29, 2025
Grizzly Auctions 6,620-Carat EmeraldIt was featured in the miner’s latest sale, which brought in $24.8 million.
