And Berkshire Partners just bought a stake.
Jewelry company Kendra Scott Design Inc. has entered into a partnership agreement with Berkshire Partners, a Boston-based investment firm.
Financial terms of the deal were not disclosed. But Reuters reported that, according to sources, the deal “values the Austin, Texas-based jewelry company at more than $1 billion.”
Founder Kendra Scott will continue as majority shareholder and CEO, according to a press release. The company’s senior leaders will remain in their current positions. Norwest Venture Partners will continue as a minority investor.
Scott founded the company with $500 from a spare bedroom in her home in 2002, according to the release. The firm has grown into a jewelry, home and beauty brand with more than 50 stores throughout the U.S. and significant wholesale and e-commerce operations.
“Kendra and her team have built an authentic brand that is widely loved,” said Marni Payne, managing director at Berkshire Partners. “The Company’s deep focus on its customers, commitment to product innovation and culture of giving back has led to impressive growth. We look forward to partnering with Kendra and her team to support their continued success.”
Scott said she and her team are “delighted to have Berkshire invest with us at a very exciting time for our company.”
“Berkshire has significant experience in helping leading brands maximize their potential and a deep appreciation for the Kendra Scott culture and organization,” she said.
The transaction is subject to customary closing conditions and is expected to close during the first quarter of 2017.
Read more at Reuters.