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
IndependentsMay 09, 2025
Lugano Diamonds CEO Resigns Amid Internal InvestigationMoti Ferder stepped down Wednesday and will not receive any severance pay, parent company Compass Diversified said.
CollectionsMay 09, 2025
Pieces of the Week: Marie Lichtenberg’s Collaborations for Mother’s DayLichtenberg partnered with luxury platform Mytheresa on two designs honoring the connection between mothers and daughters.
SourcingMay 09, 2025
Gemfields Resumes Emerald Mining in ZambiaThe miner announced plans to recommence open-pit mining at Kagem.
Brought to you by
Las Vegas Antique Jewelry & Watch Show: Showcasing the Most Collectible Merchandise from Across the GlobeGain access to the most exclusive and coveted antique pieces from trusted dealers during Las Vegas Jewelry Week.
CrimeMay 08, 2025
Former NYC Jewelry Store Employee Arrested in 2017 Choking Death of Boss Michel Desalles allegedly murdered Omid Gholian inside World of Gold N Diamond using zip ties and then fled the country.
Weekly QuizMay 08, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
EditorsMay 08, 2025
5 ‘Superfine’ Met Gala Jewelry MomentsAssociate Editor Lauren McLemore shares her favorite looks from a night of style inspired by Black dandyism.
Supplier BulletinMay 08, 2025
Instappraise Introduces Game-Changing Trifold Appraisal FormatSponsored by Instappraise
Brought to you by
Watch: The Winston Red: GIA Examines the Smithsonian’s Newest AdditionSupplier Spotlight Sponsored by GIA
FinancialsMay 08, 2025
Brilliant Earth Notes an Uptick in Engagement Ring Sales in Q1CEO Beth Gerstein discussed the company’s bridal bestsellers, the potential impact of tariffs, and the rising price of gold.
IndependentsMay 08, 2025
Margot McKinney Lands in the U.S. With New BoutiqueThe brand’s first independent location outside of Australia has opened in Beverly Hills, California.
IndependentsMay 08, 2025
Verragio Announces New Regional Sales ManagerCathy Marsh will lead the jewelry company’s efforts in the upper Midwest and western United States.
FinancialsMay 07, 2025
Pandora Posts Strong Q1, Plans for TariffsThe company has multiple strategies for dealing with tariffs, though its CEO said moving manufacturing to the U.S. is not one of them.
ColumnistsMay 07, 2025
The Smart Lab: Building a Seasonal Marketing Strategy for Mother’s Day and BeyondConnecting with your customers throughout the year is key to a successful holiday marketing push.
SourcingMay 07, 2025
Gemfields Says Emerald Sales Improved in Latest AuctionIts commercial-quality emerald sale held last month totaled more than $16 million, up from about $11 million in September 2024.
TechnologyMay 07, 2025
Punchmark’s Latest Podcast Features a Very Special Guest National Jeweler Editor-in-Chief Michelle Graff joined Michael Burpoe to talk tariffs, consumer confidence, and the sky-high price of gold.
AuctionsMay 06, 2025
Harwell Godfrey Reimagines 10-Carat Blue Diamond for Met Gala-Ready BroochDesigner Lauren Harwell Godfrey made the piece as an homage to the 2025 gala’s theme, “Superfine: Tailoring Black Style.”
Events & AwardsMay 06, 2025
Here’s Who Made Jewelers of America’s New ‘20 Under 40’ ListExpanded this year to include suppliers, JA’s 2025 list honors 40 up-and-coming professionals in the jewelry industry.
IndependentsMay 06, 2025
Sissy's Log Cabin Opens New StoreLocated in Fort Smith, it’s the Mid-South jeweler’s first store in Northwest Arkansas.
IndependentsMay 06, 2025
Gunderson’s Jewelers to Be Featured on ‘World’s Greatest’ TV SeriesThe episode about the family-owned jeweler will premiere May 17.
IndependentsMay 05, 2025
Zadok Jewelers Opens Store in AustinThe Houston-based jeweler’s new 11,000-square-foot showroom will include a Rolex boutique.
AuctionsMay 05, 2025
Nancy Astor’s Cartier Tiara Heads to AuctionThe turquoise and diamond tiara hasn’t been on the market since it was purchased by Lord Astor in 1930.
SourcingMay 05, 2025
Crater of Diamonds Yields 4-Carat Brown Diamond“The Duke Diamond” is the largest diamond registered at the Arkansas park so far this year.
TrendsMay 02, 2025
Ring Concierge, Kraft Partner on Mother’s Day Macaroni Necklace The childhood craft of making dried pasta necklaces for Mother’s Day is all grown up as the 14-karat gold “Forever Macaroni” necklace.
CollectionsMay 02, 2025
Piece of the Week: Angely Martinez’s Emerald Promise RingSet with May’s birthstone and featuring an earthworm, this ring is a perfect celebration of spring.
SourcingMay 01, 2025
Tariffs & Colored Gemstones: Relying on Stock, Considering the Ripple EffectThough currently paused, high tariffs threaten many countries where gemstones are mined. Dealers are taking measures now to prepare.
TrendsMay 01, 2025
Amanda’s Style File: 20 Pieces of Emerald Jewelry for MayMay babies are lucky indeed, born in a month awash with fresh colors and celebrated with one of the most coveted colored gemstones.
MajorsMay 01, 2025
Jewelers of America Opens Applications for 2025 ScholarshipsThe deadline to apply for the Seymour & Evelyn Holtzman Bench Scholarship is June 12.
