David Webb acquired by MWP with financing from Gordon Brothers
A private equity firm is acquiring luxury jewelry brand David Webb – with help from Gordon Brothers.
The global asset manager has provided Middle West Partners (MWP) $30 million in financing and advisory work to support the private equity firm’s majority stake acquisition of David Webb. In addition to the acquisition, MWP will use the financing from Gordon Brothers, which consists of a $25 million revolving credit facility and $5 million accordion feature, for working capital to support the brand’s business operations.
Founded in New York in 1948, David Webb’s jewelry is made by 27 long-tenured master jewelers who create each piece in the David Webb workshop, which sits above the flagship boutique on New York’s Upper East Side. It is the only fine jewelry house exclusively made in America.
“Having established a comprehensive working partnership with David Webb and MWP, we worked side by side on the initial investment diligence and are pleased to support this acquisition and ensure a seamless transition,” said Kyle C. Shonak, chief transaction officer, North America at Gordon Brothers. “Our deep asset expertise, retail background, and in-depth knowledge of the jewelry business positioned us well to not only provide the financing, but also engage with our partners to provide inventory consulting services, appraisals and field exams on a go-forward basis.”
Gordon Brothers supported MWP in an advisory role prior to the acquisition. The firm says it will continue to provide consulting services to support David Webb’s operational strength and go-forward strategy.
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“The firm’s history in the fine jewelry category and clear understanding of David Webb’s value and importance in the industry made partnering with Gordon Brothers on this investment an easy decision,” said Kevin Kelleher, partner at MWP. “We look forward to building on this historic brand’s legacy and entering the next chapter of the brand’s success and growth.”
