Nonantum Capital Partners Announces the Acquisition of Rhode Island-based Online Jewelry Retailer Ross-Simons
- On December 10, 2020
Boston-based Private Equity Firm Acquires Leading Direct-to-Consumer Retailer
Boston, MA (December 10, 2020) – Nonantum Capital Partners (“Nonantum”), a middle-market private equity firm focused on investing in family and founder-led businesses, corporate carve-outs, and complex situations, today announced the acquisition of leading direct-to-consumer jewelry retailer Ross-Simons.
Ross-Simons, America’s Favorite Jeweler, offers a broad assortment of high-quality, fine jewelry across a wide range of price points from $50 to $50,000, all at compelling values. Drawing on its 70-year legacy of retail and catalog operations, the company has positioned itself as a leading multichannel, direct-to-consumer jewelry retailer with best-in-class repeat buying rates. Ross-Simons markets an unmatched selection of jewelry through its website, catalogs, print advertising and digital marketplaces.
“Since 1952, our core focus has been to provide our customers with high-quality jewelry and exceptional customer service at an attractive value,” said Darrell Ross, founder, Ross-Simons. “We are proud to partner with Nonantum as they believe in our vision and will support us in the next stage of our company’s storied history.”
Ross-Simons has consistently grown its customer base over the past five years fueled primarily by new customer acquisition. The company credits its steady growth to its proprietary products, diverse marketing mix, and continued focus on the changing shopping patterns of its core customer base of self-purchasing women.
“While the U.S. continues to see strong overall growth in the jewelry industry, consumer spending has been steadily shifting from brick-and-mortar jewelry retailers to online retail. Ross-Simons derives its strength in direct-to-consumer from its long tenure in the catalog business. We pride ourselves on adapting to engage the consumer wherever she wants to shop,” said Jim Speltz, CEO, Ross-Simons.
As a private equity firm, Nonantum is consistently searching for opportunities to partner with business owners and founders across various sectors to drive value creation. “We are pleased to partner with the leadership team at Ross-Simons including Darrell and Jim who will continue to serve as valuable owner-partners as we grow the brand,” said Jon Biotti, Managing Partner, Nonantum. “We are excited to support the company’s evolution as it realizes its full potential as a preeminent industry leader in quality and customer service, and as a best-in-class employer.”
The consumer products-focused investment banking firm Consensus Advisors and law firm Hinckley Allen acted as advisors to Ross-Simons. Goodwin Procter advised Nonantum.
About Nonantum Capital Partners
Founded in 2018 by a team of experienced private equity and management executives as a spin-out from Charlesbank Capital Partners, Nonantum is a Boston-based middle-market private equity firm. Nonantum focuses on investing in family and founder-owned businesses, corporate carve-outs, and complex situations where personal partnership is critical, and opportunities exist for significant equity value creation. For more information, visit http://nonantumcapital.com/.
A leader in direct-to-consumer sales, Ross-Simons specializes in offering unique and proprietary jewelry designs alongside a deep selection of classics such as diamond tennis bracelets and gold necklaces. The company offers a wide selection of items across a diverse range of price points and is known for mixing materials and colors in unexpected combinations. Factory direct sourcing, a wide assortment of raw materials, and nimble product development produce a compelling value proposition for the consumer. For more information visit: https://www.ross-simons.com/.