Gitanjali Gems Ltd, the Mumbai-based DTC sightholder, said it acquired a majority ownership interest in Samuels Jewelers Inc. from funds managed by DDJ Capital Management (DDJ). Terms of the transaction have not been disclosed. Samuels operates 97 retail jewellery stores in 18 states throughout the US. The company will remain headquartered in Austin, Texas.

�This acquisition is consistent with Gitanjali�s objective to conform to a vertically integrated model, one that benefits from all the efficiencies that are realised through control of the entire supply chain, inclusive of retail,� said Gitanjali chief financial officer, G.K. Nair. �To that end, Samuels is an ideal match to complement Gitanjali�s strengths in manufacturing diamonds and jewellery products,� he added.

Mehul Choksi, Gitanjali�s chairman, added, �Gitanjali�s 11.5 million sq ft Hyderabad special economic zone will provide a tremendous support system for product development and jewellery manufacturing.� Samuels� president and chief executive officer, Randy McCullough noted, �We look forward to working with Gitanjali and see this transaction as a tremendous opportunity for expanded market share and future growth.�

In connection with the stock purchase transaction, Samuels has obtained a financing facility from Wells Fargo Retail Finance, LLC. Samuels anticipates that the $60 million facility will be more than sufficient to meet its cash flow needs for the foreseeable future.