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MajorsMay 24, 2016
Richline Group Acquires Virginia’s John C. Nordt
The jewelry company bought the manufacturer and supplier of precious metal products for an undisclosed sum, marking its second acquisition in just under a month.
New York--The Richline Group has made its second acquisition within a month’s time, announcing that it bought Virginia-based John C. Nordt Inc., effective June 1.
Terms of the deal were not disclosed.
Founded in 1872 in New York City but now based in Roanoke, Va., the firm is a manufacturer and supplier of precious metal products to the jewelry industry.
Five generations of the Nordt family have run the company in its more than 140 years of business. Richline said that Paul Nordt III, Rob Nordt Sr., and Rob Nordt Jr. will continue to lead John C. Nordt Inc.
In addition to the three Nordt family members, Richline said a “highly experienced professional management team” will also help lead the company. No further information was available by press time on the composition of that team.
In a news release issued on the acquisition, Richline Executive Vice President of Manufacturing Joe Esposito said John C. Nordt is “another important and strategic addition to (its) brands.”
The purchase of John C. Nordt is the latest in an ongoing string of acquisitions for the manufacturer and marketer, which is owned by Warren Buffett’s holding company, Berkshire Hathaway.
Late last month, Richline announced that it bought custom jewelry company Gemvara for an undisclosed sum.
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