MajorsJan 20, 2023
Quality Gold Acquires Herco MajorsJul 21, 2023
Quality Gold Cancels IPO
The company said it will continue to expand, however, through internal funds and its long-term banking relationships.
A selection of chains from Quality Gold. The jewelry wholesale and distribution company has canceled its plans to go public.
Fairfield, Ohio—Quality Gold Inc. has canceled its plans to go public.
The Fairfield, Ohio-based supplier announced in October 2022 that it was slated to go public through a merger with special purpose acquisition company (SPAC) Tastemaker Acquisition Corp., but axed the plans last month, as per court documents.
A SPAC is a company created to raise capital for the sole purpose of acquiring or merging with another company, sometimes referred to as a blank-check company.
However, the SPAC market has been experiencing a slowdown, with only a few blank-check companies going public this year.
“We went through the lengthy process of going public because we believed that the equity markets would be an attractive source for financing continued acquisition of complementary businesses,” said Quality Gold in a statement.
“Unfortunately, the post-COVID market for new offerings via IPO or SPAC merger remained very depressed, and we chose instead to finance our continued expansion using internally generated funds and our long-term banking relationships.”
Blue Nile had also attempted to go public via a SPAC but was later acquired by Signet Jewelers.
Tastemaker Acquisition could not be reached for comment.
Jewelry wholesale and distribution company Quality Gold was founded in 1979 by David Langhammer and is currently run by his sons, CEO Michael Langhammer and Chief Operating Officer Jason Langhammer.
In recent years, the company has expanded via a series of acquisitions, scooping up more than a dozen companies since 2012, including Herco and IBGoodman Manufacturing Co.
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