Berkshire Hathaway Buys Rio Grande

Brothers Alan, Molly and Eddie Bell will keep leading Rio Grande after the acquisition

(IDEX Online News) – Richline Group, a subsidiary of Berkshire Hathaway, bought findings distributor Rio Grande, from The Bell Group for an undisclosed amount.

“A key goal of this acquisition is that, with our financial support and collaboration, Rio Grande will be able to meet the future challenges of the jewelry industry," said Dave Meleski, Richline’s President. "Rio Grande will be a stand-alone business."

Alan Bell and Molly Bell will remain as president and executive vice president of the company. Their brother Eddie Bell will continue to oversee the Santa Fe Symposium and Neutec.

Says Alan Bell, “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.”

The purchase includes Rio Grande’s Neutec branded equipment, Richline said in a release.