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
CrimeJan 02, 2025
Rolex Sale That Went South Led to Murder of Florida Jeweler, Report SaysJeweler Anthony D’Amore was found dead inside his office Dec. 23, marking the fourth jeweler killed on the job in 2024, according to JSA.
WatchesJan 02, 2025
Ben Bridge Opens Tudor Boutique in HonoluluThe opening marks Tudor’s first location in Hawaii.
SourcingJan 02, 2025
Gemfields Resumes Ruby Mining in MozambiqueThe miner temporarily halted operations on Dec. 24 following an invasion at the mine.
Brought to you by
A Diamond Is Forever Celebrates "Forever Present" Holiday CampaignA Diamond is Forever hosted a holiday celebration in honor of their new marketing campaign, ‘Forever Present.’
TrendsJan 02, 2025
Amanda’s Style File: New Year, New Jewels Set the tone for 2025 and commemorate the year gone by with glamorous jewelry fit for celebration.
Weekly QuizDec 27, 2024
This Week’s QuizTest your jewelry news knowledge by answering these questions.
IndependentsDec 30, 2024
In Memoriam: Jewelry Industry Leaders and Innovators We Lost in 2024From groundbreaking designers to dedicated retailers, National Jeweler pays tribute to the colleagues we bid farewell to this year.
Events & AwardsDec 30, 2024
Registration Now Open for JIS Spring 2025The jewelry trade show is set for March 9-11 in Miami.
Brought to you by
De Beers Group Launches Holiday Campaign for Natural Diamonds‘Forever Present’ campaign revives the iconic A Diamond is Forever tagline and celebrates the diamond dream.
IndependentsDec 30, 2024
MJSA Elects New Board ChairEdward N. DeCristofaro, who served as MJSA’s board chair from 2012 to 2014, is returning to the role.
SourcingDec 27, 2024
IDCA Announces 2025 Board MembersManoj Bhandari, a principal of RMC Gems Inc., is the new president of the Indian Diamond & Colorstone Association.
Events & AwardsDec 27, 2024
18 Designers Graduate from WJA’s Jewelry Loupe ProjectThe designers participated in a six-month business development and mentorship program to develop and launch their jewelry collections.
MajorsDec 24, 2024
Nordstrom Family, Partner to Take Retailer Private in $6B DealMembers of the founding family have partnered with Mexican retail company El Puerto de Liverpool to acquire Nordstrom.
MajorsDec 24, 2024
Boucheron Bets on Las VegasThe brand has opened its second U.S. location in the Fontainebleau resort and casino.
EditorsDec 24, 2024
The Spectrum Jewels I Want to Find Under the Tree Associate Editor Lauren McLemore highlights pieces from the AGTA Spectrum & Cutting Edge Awards she’d be thrilled to unwrap on Christmas.
SourcingDec 24, 2024
Gemfields to Temporarily Suspend Emerald MiningThe move is one of several cost-cutting measures outlined by the company as it faces a weaker luxury market and other challenges.
IndependentsDec 23, 2024
Philadelphia 76ers’ Tyrese Maxey Stars in The 1916 Company’s New CampaignThe retailer’s “On the Clock” campaign celebrates how time, precision, and purpose come together.
EditorsDec 23, 2024
My Favorite Piece of the Week Jewels of 2024Associate Editor Natalie Francisco chose her 12 favorite Piece of the Week picks from the year gone by.
GradingDec 23, 2024
GIA Adds Filler Identification to Emerald ReportsLab clients have the option to request this addition on their emerald reports.
Events & AwardsDec 20, 2024
Two Participants Complete Inaugural Ella Klein InternshipJamie Dunton and Gabriella Botelho are the first graduates of the program, created by the WJA Foundation and Julius Klein Diamonds.
CollectionsDec 20, 2024
Piece of the Week: Retrouvaí’s Ring for CharityIn the spirit of giving, Retrouvaí will donate $4,000 from the sale of this ring to the Los Angeles Regional Food Bank.
IndependentsDec 19, 2024
Michigan’s DeVries Jewelers Unveils New Location in Time for the HolidaysCo-owner Dan DeVries shared what it’s like moving into a space triple the size of its old store and how it feels to be a “real jeweler” now.
CollectionsDec 19, 2024
State Property Transforms Spain’s Generalife Gardens into JewelryAlong with the latest “Gardens” collection, the brand has released limited-edition designs offering more indulgent pieces.
CrimeDec 19, 2024
Alleged Jewelry Thieves Attempt Rowboat EscapeThe man and woman are accused of stealing jewelry from a shipping container then trying to flee by paddling a small boat out into a bay.
SourcingDec 19, 2024
The Second-Largest Diamond Ever Found Now Has a Name The 2,488-carat diamond recovered from a mine in Botswana has been dubbed “Motswedi” while its 1,094-carat sibling is “Seriti.”
SourcingDec 19, 2024
Gemfields Reports Record Ruby Auction Results Despite Challenges at SourceThe average price per carat hit a record high for the miner, which said it remains unaffected by the conflict in Mozambique.
AuctionsDec 18, 2024
Alexandrite Ring Sells for Record-Setting $1.9M at Sotheby’sThe nearly 17-carat stone made history for the color-change gem that, according to the auction house, is experiencing a “notable surge” in the market.
WatchesDec 18, 2024
Historic Titanic Pocket Watch Winds Its Way Back to Tiffany & Co. More than a century after survivors gifted a Tiffany timepiece to the captain of the ship that rescued them, the jeweler has reclaimed it.
