SCOTTSDALE, AZ / ACCESSWIRE / September 14, 2023 / Envela Corporation (NYSE American:ELA) ('Envela' or the 'Company') today announced that it has entered into an agreement to acquire Steven Kretchmer, Inc., a well-established jewelry manufacturer, which will help diversify and enhance Envela's Consumer Division. Under the terms of the agreement, Claudia Kretchmer and the current Kretchmer management team will continue to lead the company.
The transaction will be funded by cash on hand. After the acquisition, the manufacturer will continue to be based in Scottsdale, Arizona, and maintain its employee base. It will operate as a subsidiary within Envela's Consumer Division. The Company believes this acquisition aligns perfectly with its vision to broaden customer offerings and will create value for shareholders.
'We are excited to onboard the iconic jewelry house of Steven Kretchmer, a brand we have long held in high regard,' said Allison DeStefano, Head of Envela's Consumer Division. 'This acquisition will significantly enhance our offerings and add to our family the skilled employees who have helped build this quintessential American manufacturing company. This strategic acquisition augments our growth strategy that has yielded impressive results over the past six years and further propels our compelling re-commerce growth story,' added DeStefano.
Claudia Kretchmer, CEO of Steven Kretchmer, said, 'We are elated to join forces with Envela and leverage their significant resources and capabilities. With Envela's guidance, Steven Kretchmer will thrive and continue to strengthen its iconic standing, while advancing the two companies' shared commitment to environmental sourcing and stewardship. Together, we will write the next promising chapter for Steven Kretchmer, creating treasured heirlooms for future generations in a sustainable way. We are thrilled to be part of a purpose-inspired and sustainability-focused company that is recognized as a great place to work.'
About Steven Kretchmer Jewelers
With a heritage spanning generations of jewelers, the creations designed and crafted by the Kretchmer family have adorned European royalty and captivated celebrities. Steven Kretchmer is celebrated as a visionary in the jewelry industry, recognized for its unmatched innovation and expertise in transforming precious metals into exquisite, timeless masterpieces. Under the leadership of Claudia Kretchmer, the company is driven by an unwavering dedication to meticulous design and craftsmanship that stand the test of time, where jewelry becomes treasured heirlooms for generations to come.
Moreover, Steven Kretchmer's technological innovations and remarkable collection of 14 patents have forever changed the landscape of jewelry design. The company has consistently showcased innovative metallurgy and cutting-edge technology, including advanced work with alloys (e.g., mokume gane and magnetic platinum, and custom-colored alloys), pioneering the availability of purple gold, and its signature Tension-SetTM jewelry. Last year, a Steven Kretchmer custom platinum and diamond ring sold at auction for more than $74,000, including the buyer's premium.
Envela is a leading provider of re-commerce services at the forefront of the circular economy. The Company is comprised of primarily two key business segments: Consumer and Commercial. The Consumer segment operates retail stores and online sites that offer premium brands and luxury hard assets, while the Commercial segment provides personalized re-commerce solutions to meet the needs of various clients, including Fortune 500 companies. At Envela, we execute with passion, and with meticulous attention to detail.
Forward-Looking Statements This press release includes statements that may constitute 'forward-looking' statements, including statements regarding acquisitions, financial outlook, and the potential future success of business lines and strategies. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors that would cause or contribute to such differences include, but are not limited to, market conditions and other risks detailed in the Company's periodic report filings with the Securities and Exchange Commission. By making these statements, the Company undertakes no obligation to update these statements for revisions or changes after the date of this release except as required by law.
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SOURCE: Envela Corporation
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