Richline Group, Inc. has announced the agreement, in principle, to acquire the internationally recognized HONORA brand. The transaction is expected to be completed this month.
For over 60 years family owned and operated, HONORA has stood for value and quality in the jewelry industry, and is now known as a 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, added: “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.”