Great Heights Inc., and its subsidiary Clean Origin LLC, Stamford, Conn.-based online DTC retailers of lab-grown diamonds, engagement rings and jewelry, received a $20m equity investment from TCL North America, Inc. (TCL Inc), a wholly-owned subsidiary of Titan Company Limited (NSE:TITAN) – an Indian luxury products company manufacturing jewelry and watches.
The company intends to use the funds to scale its operations, strengthen its supply chain, invest in omnichannel retail experiences, leverage cross border Indian-American synergies, and enhance its balance sheet.
This deal values Great Heights Inc. at approximately $132.8 million USD on a pre-money valuation basis and $152.8 million USD on a post-money valuation basis and creates no change of control nor direction for the company who maintains majority control.
As part of the deal:
- Ajoy Chawla, CEO Jewellery Division of Titan Company Limited will join Great Heights Inc. board of directors
- Titan will own approximately 13.09% of the economic interest and 17.54% of the voting control in Great Heights Inc.
Founded in 2017 by Alexander Weindling, Ryan Bonifacino, Clean Origin is a retailer of purely lab-grown diamond jewelry in the U.S., which puts quality and ethics first. According to the company, each diamond is lab-grown using a craft that mirrors the natural growing process creating molecularly identical stones without the destructive force of mining or its murky ethics. All diamonds are real, ethical and independently certified to meet the highest standard of quality. Seed investors included Terry Burman, Chairman of Abercrombie & Fitch, former Chairman of Zale’s and CEO of Signet brands Kay Jewelers and Jared.
FinSMEs
28/03/2022