Quality Gold and Tastemaker Acquisition today announced a definitive merger agreement at an enterprise valuation of $989 million.
If approved, upon closing Quality Gold Holdings is expected to list on the Nasdaq under the ticker QGLD.
Transaction details were scant in the press release announcing the deal. There is no minimum cash condition and the transaction is expected to close in the first quarter of 2023.
According to an 8-K filing on the deal, the acquisition is structured as a “double dummy” transaction with five sub mergers leading to Quality Gold becoming the surviving parent company. The aggregate consideration to be paid to Quality Gold equityholders will consist of up to $35 million in cash, 83.1 million newly issued shares of the parent company and deferred company shares, including 2,070,000 shares deferred by the SPAC’s sponsor.
Tastemaker raised $276 million in a January 2021 IPO with stated plans at the time to focus on the restaurant, hospitality, and related technology and services sectors.
The combined company will be led by Michael Langhammer, Chief Executive Officer, and Jason Langhammer, Chief Operating Officer.
Founded in 1979, Quality Gold is a global company headquartered in Fairfield, Ohio, and operates within the United States, Canada and India. The company says it offers more than 165,000 jewelry and gift products that are available to ship same day. Quality Gold serves more than 15,000 retailers across the United States, its territories, and Canada. Read more.
