Story Highlight
– Daniel’s Jewelers repurchased by founding family from equity firm.
– David Sherwood, grandson of founder, leads acquisition effort.
– Partnership with Tejas Shah aims to enhance company legacy.
– Daniel’s focuses on affordable jewellery and watch market.
– Over 100 stores primarily in California and Florida.
Full Story
Daniel’s Jewelers, one of the prominent jewellery and watch retailers in California, has been reacquired by its founding family from its private equity owners, Palladium Equity Partners.
David Sherwood, the grandson of the company’s original founder, announced the development today. He expressed his personal connection to this moment, highlighting his grandfather’s initial venture in 1954 when he bought a struggling store and transformed it into a family legacy. “The opportunity to bring Daniel’s back into the family is deeply personal, and I know how proud he would be,” stated Mr Sherwood.
He also acknowledged the role of Tejas Shah, CEO of AJS Creations, a global jewellery group with operations in both India and the US, who played a crucial role in facilitating the acquisition. Mr Sherwood noted, “I’m very grateful to partner with Tejas who offers the experience, resources and industry capabilities to honour that legacy while building an even stronger company for the future.”
Daniel’s Jewelers predominantly serves the affordable segment of the jewellery and watch market, operating over 100 retail outlets mainly located in California and Florida. The stores feature a range of timepieces from brands such as Citizen, Bulova, G-Shock, and Movado, alongside a selection of fashion and fine jewellery.
Reflecting on the transition from private equity to family ownership, Mr Sherwood said, “Taking Daniel’s from private equity back to private ownership required tremendous partnership and faith in the business, and I am grateful to Palladium for its support over the past 12 years and proud of what we accomplished together.”
He expressed his appreciation for the various professionals involved in the transaction, including attorneys, accountants, and bankers, noting, “But no one deserves more credit than my incredible Daniel’s team. For decades, our associates have carried this company through every challenge, served generations of customers, and made Daniel’s what it is today. Their loyalty, resilience and belief in this business are the reason we are here.”
Mr Sherwood concluded by sharing his enthusiasm for the future partnership with Tejas Shah, stating, “In Tejas, we found a partner who shares that belief — not merely in Daniel’s as a customer to sell to, but as a company worth investing in, and I could not be more excited about his vision or what we are going to build together. I am proud of what Daniel’s has become, but we have only just begun!”
