CRANSTON, R.I. -- A private-equity firm based in San Francisco has acquired a minority stake in Cranston jewelry manufacturer and lifestyle brand Alex and Ani, but the financial terms of the deal have not been disclosed.
John Hansen, managing partner of JH Partners LLC, will take a seat on the company's board, Alex and Ani CEO Giovanni Feroce said Tuesday. JH Partners specializes in consumer-focused companies.
The investment will help Alex and Ani expand into 18 more states in 2012 and 2013, beyond the 11 where it now has retail stores. Feroce said he expects to double his number of employees, in Rhode Island and beyond.
Alex and Ani now employs about 434 people -- about 250 in Rhode Island.
The company has adjusted its revenue projections for 2012 upward to $75 million and the latest projections show revenue would double by next year, Feroce said.