Fort Wayne-based Vera Bradley Inc. (Nasdaq: VRA) has acquired Creative Genius Inc., which also operates under the name Pura Vida Bracelets. Per the cash deal, Vera Bradley will receive 75 percent ownership of the California company for $75 million.
Vera Bradley says its existing available cash, cash equivalents and investments will fund the entire purchase price. The transaction is not subject to any financing conditions.
The Pura Vida brand offers bracelets, necklaces and other accessories.
“The acquisition of Pura Vida is a terrific fit for Vera Bradley as we move into Year Two of our Vision 20/20 strategic plan and focus on growth. As we pursue ways to increase revenues, grow shareholder value, expand our customer community, and diversify the business, Pura Vida will be a great addition to our portfolio.” said Chief Executive Officer of Vera Bradley Robert Wallstrom.
The transaction is slated to close in Vera Bradley’s second quarter of fiscal 2020 and is still subject to closing conditions.
Pura Vida will operate as a subsidiary of Vera Bradley from its current headquarters in La Jolla, California, and will continue to be led by Thall and Goodman.