Eyewear Co. Sells Things Remembered
By Staff -- Gifts and Dec, 10/2/2006 12:05:00 PM
Milan , Italy — Luxottica Group S.p.A., an eyewear brand, sold the Things Remembered subsidiary of Cole National, a Highland Heights , OH-based personalized gift retail chain. GB Merchant Partners LLC, the private equity affiliate of Gordon Brothers Group, and Bruckmann, Rosser, Sherrill & Co. (BRS), bought the chain of 653 locations for approximately $200 million. Things Remembered generated revenues of approximately $300 million in 2005.
Luxottica acquired Things Remembered in October 2004 as part of the acquisition of Cole National, and managed it separately from its eyewear retail business through a separate corporate structure.
“Things Remembered offers very attractive growth potential, because it is a uniquely positioned specialty gift retailer with a differentiated value proposition,” said Mark Schwartz, president and CEO of Gordon Brothers Group and managing member of GB Merchant Partners.
Said Tom Baldwin, managing director of BRS, “As a standalone business, the Company will be in a much better position to pursue a focused growth strategy.”
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