New York private equity firm Palladium Equity Partners LLC has made a majority investment in jewelry retailer Daniel's Jewelers.
Headquartered in Culver City, California, Daniel's is a family-operated business with 73 locations in California. David Sherwood, a member of the founding family, will continue as CEO. Terms of the investment weren't disclosed.
Palladium plans to expand the company inside and outside of California. The firm has about $2.5 billion in assets under management, and generally invests between $50 million and $150 million per transaction. Palladium closed a $1.14 billion fund in April. In October, the firm invested in Pronto General Agency Ltd., an insurer.
The Sage Group advised Daniel's on the deal.
In another recent jewelry deal, Catterton Partners picked up a majority stake in the John Hardy brand in July.
For more on the retail sector, see Retail Reboot: Investors Snatch Up E-Commerce Services.