New York -- Signet Jewelers Ltd. announced that it has signed a definitive agreement to acquire Ultra Stores, Inc. from Crystal Financial LLC. and its other stockholders for approximately $57 million in cash. Ultra operates stores primarily in outlet centers, as well as licensed jewelry departments.
Signet will not assume any debt in connection with the acquisition.
"The addition of Ultra will immediately result in our having a significant share of the outlet channel for jewelry," said Michael W. Barnes, CEO of Signet Jewelers. "We had identified this rapidly growing channel as an opportunity to profitably increase our sales, enabling us to leverage our competitive strengths and add Ultra's expertise to our team.”
Signet Jewelers’ U.S. division operates over 1,300 stores in all 50 states primarily under the name brands of Kay Jewelers and Jared The Galleria of Jewelry. Signet's UK division operates approximately 500 stores primarily under the name brands of H. Samuel and Ernest Jones.