Selco Acquires Belair Time Corporation
Supplier Selco, LLC (PPAI 113845, S6) has acquired certain assets of Belair Time Corporation, a private label watch supplier to independent jewelry stores founded in 1945. The acquisition began on June 1 and Tulsa, Oklahoma-based Selco has been operating Belair and shipping its orders since late June.
Belair had closed is New Jersey facility in March in response to a state mandate due to COVID-19. In May, Selco and Belair put together an agreement that allowed Selco to operate Belair so shipments could resume. Once the transition was complete, Alan Grunwald, former president and owner of Belair, worked with Mark Abels, MAS, owner of Selco, to transition ownership to Selco. The sale was completed on September 18.
“Selco was the perfect company to buy my family business,” says Grunwald. “Their processes are similar to Belair’s and they add some customization capabilities that Belair did not have in-house. They were able to take orders and start shipping quickly after receiving inventory. Selco has been a customer of Belair’s for over 50 years and I have known Mark Abels since he entered the industry, over 25 years ago. Because of our long history, I know Selco is the right company to continue my family legacy.”
Abels adds, “We are excited to have this opportunity to buy Belair. It is a great fit for our workforce, and it brings us into a new industry. We will be able to maximize our existing production capabilities with a large, new customer base. I am excited to learn the retail jewelry industry from Alan.”
There are no planned changes to product quality or pricing structures for Belair’s customers. Selco plans to maintain Belair sales representatives as well. Selco will add new processes such as engraving, heat stamping on packaging and full color digital printing.