Richline Group, Inc. is pleased to announce the acquisition, effective January 1, 2013, of Rio Grande, including Rio Grande’s Neutec branded equipment, from The Bell Group, Inc.
Rio Grande is a leading jewelry-industry brand, well-known for its unique culture, vast product offering and a special brand of customer service.
Dennis Ulrich, CEO of Richline Group, stated: “Rio Grande is another important and strategic addition to our brands. The firm’s unique and successful business model is a tribute to the leadership of the Bell family. Rio Grande has a great product line, talented people and long term relationships with its clients.”
Says Alan Bell, “The values of Warren Buffett and Berkshire Hathaway are very much in line with those on which Rio Grande is founded, and we couldn’t be more enthusiastic and optimistic about the future as a member of the Richline Group.”
In the new corporate structure, Alan Bell and Molly Bell will remain to run the company as President and Executive Vice President, and the business will continue to operate as it has in the past. Eddie Bell will continue to oversee the Santa Fe Symposium and Neutec.
Dave Meleski, Richline Group’s President stated: “A key goal of this acquisition is that, with our financial support and collaboration, Rio Grande will be able to meet the future challenges of the jewelry industry. Rio Grande will be a stand-alone business, as are recent acquisitions, LeachGarner and Inverness.”
About Richline Group, Inc.
Richline Group, Inc., a wholly-owned subsidiary of Berkshire Hathaway, Inc., is a leading fine jewelry manufacturer and marketer. The Richline Group was formed in 2007. Currently, the major brands comprising Richline’s portfolio are LeachGarner, Inverness, Richline International 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.
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