Pine Tree Equity Acquires Fast-Fix
Pine Tree Equity II, LP (“Pine Tree Equity”), a private equity firm based in Miami, FL, is pleased to announce that it has acquired Jewelry Repair Enterprises, Inc. (“Fast-Fix” or the “Company”) in November 2012. The Company, founded in 1984 and headquartered in Delray Beach, FL, is the leading national franchisor of jewelry and watch repair centers with over 150 mall-based locations throughout the United States and Canada. Franchisees primarily provide quick turnaround jewelry and watch repair services, completing approximately 90% of repairs in less than one hour. Secondarily, they offer jewelry, watches and engravable gifts for purchase. The Fast-Fix franchise base has a strong track record of consistent growth, having achieved increased same-store-sales every year for the past 27 years. For additional information, please visit www.fastfix.com.
In reaching 150 locations, the Company has demonstrated the ability to successfully replicate and sustain its business model. To this end, Pine Tree Equity has partnered with Mr. Mike Meyers and Mr. Russ Cooper, two successful retail executives with extensive franchising experience, to accelerate growth of the franchise base by taking the Fast-Fix model to new geographies. Mr. Meyers and Mr. Cooper formerly served as Chief Executive Officer and Head of Franchising, respectively, for General Nutrition Centers (“GNC”), where they played an integral role in driving GNC’s dynamic growth from a concept with 900 mall-based locations to a leading global specialty retailer of nutritional supplements with over 6,000 locations and $1.5 billion of revenue.
We are pleased to offer traditional referral fees for a closed transaction based on a signed fee agreement. For additional information, please call Jeff Settembrino at 305-808-9820.