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Rideau Recognition Solutions buys Birks division
Rideau Recognition Solutions of Saint Laurent, QC has reached an agreement to buy the corporate sales division of Montreal-based jewelry company Birks Group for $5.6 million. Both Rideau and the Birks corporate division specialize in providing promotional and incentive products for business customers.
Rideau will acquire the existing inventory of the Birks division and will continue to employ it current staff. In addition, Birks will supply Rideau with Birks-branded jewelry and watches, and Birks will receive royalty payments from Rideau related to the Birks brand.
"The sale of our corporate sales division is part of our long-term corporate strategy to focus our efforts and resources on our core objectives to develop and grow the Birks product and retail brands," said Jean-Christophe Bédos, president and CEO of Birks Group. "By unlocking the value of our corporate sales operations through this agreement with Rideau, we will reinvest the funds to continue to strengthen our retail distribution with the goal of generating long-term brand and shareholder value. Rideau's team members are seasoned experts in the field of employee recognition and corporate gifting."