Finlay executes stock agreement to acquire Congress Jewelers
New York—Finlay Enterprises announced it has executed a stock purchase agreement for the acquisition of Congress Jewelers.
The privately owned jeweler targets the luxury market with five stores in Florida and annual sales of approximately $23 million.
"Evaluating potential acquisition targets has remained a key strategic initiative as we continue to look for different ways to grow and diversify our business," Finlay Enterprises Chairman and CEO Arthur E. Reiner said in a statement. "Our success with Carlyle, which we acquired in May 2005, has given us valuable knowledge and confidence in operating and competing in the luxury jewelry market. We believe there are great opportunities within the Congress business and see it as very complementary to our existing operations."
The stock purchase agreement is subject to various closing conditions and obtaining certain consents. Finlay said there are no assurances these conditions will be satisfied or the completion of the deal will occur.
The privately owned jeweler targets the luxury market with five stores in Florida and annual sales of approximately $23 million.
"Evaluating potential acquisition targets has remained a key strategic initiative as we continue to look for different ways to grow and diversify our business," Finlay Enterprises Chairman and CEO Arthur E. Reiner said in a statement. "Our success with Carlyle, which we acquired in May 2005, has given us valuable knowledge and confidence in operating and competing in the luxury jewelry market. We believe there are great opportunities within the Congress business and see it as very complementary to our existing operations."
The stock purchase agreement is subject to various closing conditions and obtaining certain consents. Finlay said there are no assurances these conditions will be satisfied or the completion of the deal will occur.
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