Investment Firm Buys Lugano Diamonds for $256M

RAPAPORT... Investment firm Compass Diversified has acquired designer, manufacturer and retailer Lugano Diamonds & Jewelry for $256 million.US-based Lugano, which designs high-end pieces, will continue to be led by its current team, Compass said last week. The jeweler's existing owners will retain a significant minority stake in the company.The deal will enable Lugano to continue its growth trajectory, including opening more retail outlets, expanding its team, and its event-driven marketing rollout, which will position it to become "the next major jewelry brand," said Compass CEO Elias Sabo. "Lugano's deep commitment to product design and authentic connection with its target clientele differentiates it from its competitors," he added. "We believe that Lugano, as a trusted jewelry adviser offering a rare combination of exclusivity and service, has a sustainable business model capable of generating significant revenues and growth in both the near and long term."Founded in 2004, Lugano has four retail locations in California, Florida and Colorado.Image: The Lugano showroom at the World Equestrian Center in Ocala, Florida. (World Equestrian Center)