WARWICK – Berkshire Hathaway Inc. subsidiary Richline Group Inc. will acquire Albuquerque, N.M.-based Rio Grande from The Bell Group Inc. effective Jan. 1, the company announced Friday.
The acquisition includes Rio Grande, a leading jewelry-industry brand known for its unique culture, vast product offering and special brand of customer service, as well as Rio Grande’s Neutec branded equipment.
“Rio Grande is another important and strategic addition to our brands. The firm’s unique and successful business model is a tribute to the leadership of the Bell family,” said Dennis Ulrich, CEO of Richline Group, in a statement. “Rio Grande has a great product line, talented people and long term relationships with its clients.”
In the new corporate structure, siblings Alan Bell and Molly Bell, will remain to run the company as president and executive vice president and the business will continue to operate as it has in the past, according to a Richline release. Eddie Bell will continue on to oversee the Santa Fe Symposium and Neutec.
“The values of Warren Buffett and Berkshire Hathaway are very much in line with those on which Rio Grande is founded, and we couldn’t be more enthusiastic and optimistic about the future as a member of the Richline Group,” Alan Bell said in prepared remarks.
Earlier this year, Richline Group successfully completed the purchase of Cookson Precious Metals/Material Products Group, which was renamed LeachGarner, a Berkshire Hathaway Co.