The transaction is expected to be completed in July.
For over 60 years of being family owned and operated, HONORA has stood for value and quality in the jewelry industry, and is now known as the premier freshwater cultured pearl brand in the USA.
Dennis Ulrich, CEO of Richline Group, said that ” CEO, Joel Schechter and President, Ralph Rossini have created and managed a unique, branded entity that has a great product line, talented people and long term relationships with its clients”.
Joel Schechter commented “We are tremendously excited about our future as a member of the Richline Group, and look forward to leveraging their tremendous strengths as we continue growing the HONORA brand to consumers. HONORA’s president, Ralph Rossini, said “The entire HONORA team takes great pride in the brand we have built over the years. We look forward to utilizing Richline’s expertise and vast resources to expand our brand and strategic opportunities”.
In the new corporate structure, Mr. Schechter and Mr. Rossini will remain to run the company as a standalone brand within the Richline Brands division of the Berkshire Hathaway Company.
Dave Meleski, Richline Group’s President, stated “a key goal of this acquisition is the utilization of our financial support and collaboration to fully champion HONORA, as a brand, for domestic and International growth. HONORA expands our product assortment positioning as a dominate player in the pearl jewelry category.”
About Richline Group, Inc.
Richline Group, Inc., a wholly-owned subsidiary of Berkshire Hathaway Inc., is the USA’s foremost Fine Jewelry Manufacturer and Marketer. The Richline Group was formed in 2007. Currently, the major brands comprising Richline’s portfolio are LeachGarner, Inverness, Rio Grande and Richline Brands. Berkshire Hathaway, and its subsidiaries, engage in diverse business activities including property and casualty insurance, utilities and energy, finance, manufacturing, retailing and services. The Common Stock of the Company is listed on the New York Stock Exchange under the symbols BRK.A and BRK.B.