Pine Tree Equity is getting into the jewelry repair business. The Miami-based private equity group recently acquired the Delray Beach, Florida-based Fast-Fix Jewelry and Watch Repairs. Terms of the deal were not disclosed.
Fast-Fix is the world’s largest jewelry and watch repair franchise. It has more than 155 locations, mostly in shopping malls in the U.S., Canada and the British Isles. The company was founded in 1984 and started franchising three years later.
The deal gets Pine Tree into the franchise business. The private equity firm specializes in small-cap companies with revenue of $10 million to $50 million. According to the company, it generally invests $2.5 million to $7.5 million of equity capital per investment. The company’s current investments include environmental companies and accounting firms. Yet its managing partner, Jeff Settembrino, is a former principal at the private equity firm Trivest Partners, where one of its investments was the women’s fitness franchise chain Lady of America, among others.
The McLean, Virginia-based investment banking form The McLean Group advised Fast-Fix on the deal.