Minneapolis-based Ostbye & Anderson has acquired second-generation jewelry manufacturer Victor Corporation.
Financial terms were not disclosed.
Victor will become a division of Ostbye, led by Victor senior vice president Tom Schlotman. Ostbye is retaining all of Victor’s territory managers, though Victor’s president John Youkilis will retire, and its Cincinnati headquarters will close.
Both companies specialize in servicing independent jewelers, and they have a combined 182 years between them. Youkilis’ father founded Victor in 1946, while Ostbye dates back to 1920.
“I am super excited that two multigenerational U.S. family businesses are coming together,” says Ostbye president Craig MacBean, who is the great-grandson of Ostbye’s founder. “That’s what makes our industry special.”
MacBean notes this is Ostbye’s first major acquisition since his father purchased Ultrablue Manufacturing in the 1990s.
“We don’t do a lot of these,” he says. “But this was just the right thing. It was like a marriage coming together. Spending time in their office, their people are like our people. They just care.”
Ostbye will integrate Victor’s product lines into its offerings. Victor’s best selling collections include Heirloom Elegance Bridal, Fabulous Fireflies, and Stackables bands. It sells a wide variety of diamond jewelry, including engagement rings, bridal sets, bracelets, earrings, and fashion ensembles.
Among the things that made Victor attractive to Ostbye is its significant strength in the South, MacBean says.
Top: John Youkilis and Craig MacBean (photo courtesy of Ostbye & Anderson)
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