GradingOct 21, 2022
Why AGS Is Closing Its Lab, Merging It With GIA MajorsOct 25, 2022
Following Series of Acquisitions, Quality Gold To Go Public
The jewelry wholesaler and distributor plans to enter the public market through a merger with Tastemaker Acquisition Corp., a SPAC.
A selection of chain from Fairfield, Ohio-based supplier Quality Gold. The company announced that it plans to go public through a merger with special purpose acquisition company Tastemaker Acquisition Corp. It is slated to trade on Nasdaq under the symbol “QGLD.”
Fairfield, Ohio—Quality Gold Inc. plans to go public through a merger with Tastemaker Acquisition Corp., the two companies announced last week.
Based in the Cincinnati suburb of Fairfield, Ohio, Quality Gold is a jewelry wholesale and distribution company founded in 1979 by David Langhammer and currently run by his sons, CEO Michael Langhammer and Chief Operating Officer Jason Langhammer.
The company has more than 15,000 retail customers, a mix of independents, regional chains, department stores, and e-commerce platforms. It supplies them with finished jewelry, watches (including pre-owned Rolex and Cartier) and natural and lab-grown diamonds.
Quality Gold said it had a record year in fiscal 2022 (ended March 31), with revenue totaling $534 million and adjusted EBITDA of $82 million.
It also has acquired and integrated a dozen companies since 2012—most recently IBGoodman Manufacturing Co. in June—and said the merger will enable it to continue with targeted M&As.
“We are excited to take this major step forward in becoming a publicly traded company,” said Jason Langhammer.
“We have built a business that is well diversified across products, suppliers and customers, has proven to be incredibly stable, and is poised for strong future growth. Our decision to go public is intended to supercharge Quality’s Gold’s growth as the premier jewelry logistics and distribution provider.”
Related stories will be right here …
Based in the Cincinnati suburb of Fairfield, Ohio, Quality Gold is a jewelry wholesale and distribution company founded in 1979 by David Langhammer and currently run by his sons, CEO Michael Langhammer and Chief Operating Officer Jason Langhammer.
The company has more than 15,000 retail customers, a mix of independents, regional chains, department stores, and e-commerce platforms. It supplies them with finished jewelry, watches (including pre-owned Rolex and Cartier) and natural and lab-grown diamonds.
Quality Gold said it had a record year in fiscal 2022 (ended March 31), with revenue totaling $534 million and adjusted EBITDA of $82 million.
It also has acquired and integrated a dozen companies since 2012—most recently IBGoodman Manufacturing Co. in June—and said the merger will enable it to continue with targeted M&As.
“We are excited to take this major step forward in becoming a publicly traded company,” said Jason Langhammer.
“We have built a business that is well diversified across products, suppliers and customers, has proven to be incredibly stable, and is poised for strong future growth. Our decision to go public is intended to supercharge Quality’s Gold’s growth as the premier jewelry logistics and distribution provider.”
Tastemaker Acquisition Corp. is a special purpose acquisition company (SPAC) led by co-CEOs Dave Pace and Andy Pforzheimer. Also known as a “blank check company,” SPACs do not have any commercial operations but exist solely to raise capital through an initial public offering or by merging or acquiring an existing company.
(Another jewelry player, Blue Nile, also planned to go public through a SPAC but it never happened; the retailer was later acquired by Signet.)
The deal values the combined companies at $989 million.
Upon closing, Quality Gold Inc. will become Quality Gold Holdings Inc. and will trade on the Nasdaq stock exchange under the ticker symbol “QGLD.”
The Langhammer brothers and their current senior management team will continue to run the company, and existing Quality Gold equity holders will retain approximately 94 percent of the new company’s pro forma equity.
The boards of directors of both Quality Gold and Tastemaker have unanimously approved the transaction.
It is subject to other customary closing conditions, including certain regulatory approvals, and is expected to close in the first quarter of 2023.
More on Majors
The Latest
FinancialsMay 17, 2024
Richemont Appoints Van Cleef & Arpels’ Nicolas Bos as New CEOThe announcement coincided with its full-year results, with growth driven by its jewelry brands.
FinancialsMay 17, 2024
Watches of Switzerland’s Fiscal-Year Sales Flat Looking ahead, the retailer said it sees “enormous potential” in Roberto Coin’s ability to boost its branded jewelry business.
Recorded WebinarsMay 17, 2024
Watch: Preparing for Trade Show SuccessJewelry trade show veterans share strategies for engaging buyers, managing your time effectively, and packing the right shoes.
Brought to you by
Record Gold Prices Have Consumers Undeterred. Here’s Why.Despite the rising prices, consumers continue to seek out the precious metal.
AuctionsMay 17, 2024
Piece of the Week: Cartier’s Ring-Tailed LemurThis little guy’s name is Ricky and he just sold for more than $200,000 at Sotheby’s Geneva jewelry auction.
Weekly QuizMay 16, 2024
This Week’s QuizTest your jewelry news knowledge by answering these seven questions.
AuctionsMay 16, 2024
Christie’s Holds 2 Sales Despite CyberattackThough its website has been down for a week, Christie’s proceeded with its jewelry and watch auctions on May 13-14, bringing in nearly $80 million.
AuctionsMay 16, 2024
Sotheby’s Withdraws 101-Carat Yellow Diamond from AuctionDespite the absence of “The Allnatt,” Sotheby’s Geneva jewelry auction totaled $34 million, with 90 percent of lots sold.
Brought to you by
From Registration to Return: 10 Tips to Protect You Before, During and After a TradeshowTradeshow risks are real. Get tips to protect yourself before, during and after and gain safety and security awareness for your business.
ColumnistsMay 16, 2024
The PR Adviser: What the Designer Should’ve DoneLilian Raji gives advice to designers on how to make the most of great publicity opportunities.
SourcingMay 16, 2024
Lucapa to Shed Stake in Lesotho Diamond Mine The mining company wants to divest its 70 percent holding in the Mothae Diamond Mine in an effort to streamline its portfolio.
ColumnistsMay 15, 2024
Squirrel Spotting: Why Retailers Struggle to Fire BrandsWhy do so many jewelers keep lines that are not selling? Peter Smith thinks the answer lies in these two behavioral principles.
AuctionsMay 15, 2024
Red Diamond Breaks Records at Phillips GenevaThe “Argyle Phoenix” sold for more than $4 million at the auction house’s second jewels sale.
Events & AwardsMay 15, 2024
See Who’s in JA’s 2024 ‘20 Under 40’ ClassThe annual list recognizes young professionals making an impact in jewelry retail.
IndependentsMay 15, 2024
David Mann Jewelers in Upstate NY to Close After 35 YearsOwner David Mann is heading into retirement.
FinancialsMay 15, 2024
Brilliant Earth’s Sales Fall Flat in Q1 While overall sales were sluggish, the retailer said its non-bridal fine jewelry was a popular choice for Valentine’s Day.
SourcingMay 14, 2024
Anglo American Confirms It Is Looking to Sell De Beers The mining giant also wants to offload its platinum business as part of an overhaul designed to “unlock significant value.”
AuctionsMay 14, 2024
2 Huge Yellow Diamonds Are Heading to AuctionChristie's is selling one of the diamonds, moving forward with its Geneva jewelry auction despite the cyberattack that took down its website.
GradingMay 14, 2024
Instappraise Adds Trifold Brochure to Appraisal OfferingsRetailers can customize and print the appraisal brochures from their store.
Lab-GrownMay 13, 2024
Lab-Grown Diamond Brand Lightbox Cuts Prices by 25 to 40%The move follows a price-drop test run in Q4 and comes with the addition of a “quality assurance card” from GIA for some loose diamonds.
TechnologyMay 13, 2024
Christie’s Website Brought Down by Hackers, Watch Auction Postponed The site has been down since Thursday evening, just ahead of its spring auctions.
AuctionsMay 13, 2024
Madeleine Albright’s Jewelry, Pins a White-Glove Sale at Freeman’s | HindmanThe late former U.S. Secretary’s collection went for quadruple the sale’s pre-sale estimate.
IndependentsMay 13, 2024
Zachary’s Jewelers Names Mother’s Day Jewelry Contest WinnersThree fifth graders’ winning designs were turned into custom jewelry pieces in time for Mother’s Day.
IndependentsMay 10, 2024
Frank Adams Jewelers Names New CEOKimberly Adams Russell is taking over the role from her father, David Adams, marking the third generation to hold the title.
CollectionsMay 10, 2024
Piece of the Week: Carina Hardy’s ‘Birth of Venus’ NecklaceAs a token of womanhood, this necklace depicts when Venus was born from the sea.
TrendsMay 09, 2024
Amanda’s Style File: Shine Bright, Moms Show your mother some love with a piece of fine jewelry.
IndependentsMay 09, 2024
Kyle Edward Fine Jewelry to Close Salisbury StoreThe company’s Easton location will remain open.
MajorsMay 09, 2024
JBT Elects New ChairmanBrian D. Fleming of Carla Corporation was elected to serve a one-year term in the role.
