Griffin Assists Keystone Findings in Merger with Hoover & Strong
Keystone Findings, Inc. is a Telford, Pennsylvania-based manufacturer of an expanding line of precious metal products serving the international jewelry industry. Its main product line is bridal goods, including engagement rings, setting and ring shanks, bridal sets and wedding bands. Peripheral lines include earrings, plates and various other components used in the construction of fine jewelry.
The nationwide recession and resulting precipitous decline in retail sales hit every industry hard, but perhaps none harder than the jewelry industry. With its shareholders looking for liquidity for retirement and estate planning purposes, Keystone Findings was looking for a new home. However, in the current economic environment, in order to successfully conclude a sale transaction, it needed to identify the right partner.
Keystone retained Griffin as exclusive financial advisor to advise on identifying the right partner and executing a sale transaction. Griffin’s role included assisting Keystone in analyzing the jewelry manufacturing business, conducting a search for the optimal financial or strategic buyer, identifying cost savings and revenue enhancement potentials available to buyers and assisting in negotiating and structuring the terms of the merger, among other responsibilities. This resulted in Keystone merging with Hoover & Strong, Inc., one of the nation’s largest refiners and manufacturers of precious metals. The transaction will result in the companies combining their operations in Hoover & Strong’s facility in Virginia.
For more information on this transaction, please contact Mark B. Russell, Managing Director, at 610.478.2166.