Mergers & Acquisitions

Morrisville, N.C. - Charles & Colvard Ltd. has closed a new three-year $10 million asset-backed credit facility with Wells Fargo Bank. The company’s previous credit facility with PNC Bank was terminated.

The new credit facility provides Charles & Colvard working capital for general corporate purposes and to pursue continued growth opportunities and is secured by Charles & Colvard assets. The company currently does not have any other long-term debt and the new credit facility is undrawn.

TreeHouse Foods plans to acquire Flagstone Foods, a leading provider of private-label healthy snacks, one of the fastest growing on-trend categories in the food industry.

TreeHouse has agreed to pay Gryphon Investors and other shareholders $860 million in cash for the business, subject to an adjustment for working capital.

New York -- Richard Sharp, the former CEO of Circuit City and driving force behind CarMax, has died due to complications from a rare type of Alzheimer’s disease. He was 67.

Richard Sharp, 67, the long-time CEO of Circuit City who founded used car retailer CarMax has died of Alzheimer’s disease at his home near Richmond, Virginia.

Sharp joined Circuit City in 1982 and served as CEO of the company from 1986 to 2000. Under his leadership, Circuit City enjoyed meteoric growth with sales that increased from $175 million in 1986 to more than $10 billion by 2000. Eight years after he had left the company, Circuit City filed for bankruptcy in 2008 and the following year was liquidated.

New York -- The battle for control over American Apparel Inc. shifted into high gear with the company adopting a one-year stockholder rights plan, or so-called poison pill, aimed at stopping founder and ousted chairman and CEO Dov Charney from seizing control of the chain.

Charney is American Apparel’s largest shareholder, with a 27.2% stake in the company. On Wednesday, he signed a deal with Standard General whereby the New York firm would buy at least 10% of the company’s stock and then loan Charney the funds to acquire the stake.

Online retailer Gilt has added Adrianne Shapira to the company's board of directors.

Shapira has served as the CFO of David Yurman, a fine jewelry luxury brand, since 2012. She is a member of the executive committee that looks to build upon David Yurman's successes by capitalizing on future channel, category and geographic growth.  

Annie's, a natural and organic food company, has added Robert W. Black, a senior adviser to the Boston Consulting Group and former group president of Kimberly-Clark Corporation, to its board of directors. Black will serve as chairman of the Annie's nominating/corporate governance committee.

Paterson, N.J. — Planet Fitness will open an 18,000-sq.-ft. facility at 100 Hamilton Plaza in Paterson, New Jersey, the facility will occupy the first-floor retail space in the 175,000-sq.-ft. downtown office tower.

Cushman & Wakefield’s East Rutherford, N.J., office represented the building’s owner, Mountain Development Corp. in the transaction. Ripco Real Estate represented the Planet Fitness franchisee, who operates several other regional locations.