The Richline Group plans and has agreed in principle to acquire the Honora brand, a 60-year old a family-owned and operated business. The acquisition is expected to be closed by July, reports say. The acquisition will see the Richline Group strengthen Honora’s brand growth in the domestic and international market through its financial support and collaboration, while Honora will enhance the product assortment of the Richline Group positioning it as a key player in the pearl jewelry category.

The acquisition will also see Honora’s current CEO Joel Schechter and President Ralph Rossini to continue operating the company as a standalone brand within the Richline Brands division of Berkshire Hathaway Co, reports add.