Minneapolis—Two Midwest-based fine jewelry manufacturers are merging to bolster their support for independent jewelers.
Ostbye & Anderson Inc. announced Monday the acquisition of Victor Corporation, a Cincinnati-based diamond jewelry manufacturer with nearly 80 years in the industry. Financial terms were not disclosed.
Ostbye will retain all of Victor Corporation’s territory managers and some employees, who will work remotely. Victor’s Cincinnati headquarters will close, with operations transitioning to Minneapolis under the leadership of Tom Schlotman, Victor Corporation’s senior vice president.
Victor Corporation will continue manufacturing its popular collections—“Heirloom Elegance Bridal,” “Fabulous Fireflies,” and “Stackables Bands”—along with other designs as a division of Ostbye.
John Youkilis, Victor Corporation’s president, is retiring. His father, Victor Youkilis, founded the company in 1946.
Reflecting on the acquisition, Youkilis stated, “Craig [MacBean, Ostbye president] and I developed a strong friendship through industry boards, recognizing our shared values and dedication to supporting independent jewelers. It has been an honor for Victor to serve the independent jeweler for the past 78 years. I am deeply grateful to those who trusted us and to the many employees who contributed to our success.”
Ostbye views the acquisition as a significant milestone in its mission to support independent jewelers.
“I have always admired John Youkilis and the Victor Corporation. It is an honor for Ostbye to carry on their legacy,” MacBean said. “The merger of these two companies, with a combined 182 years of service to independent jewelers, is remarkable and highlights what makes our industry unique. This combination of extensive product lines, quality sales teams, and superior service offerings, backed by top-notch technology, will provide independent jewelers with unparalleled support.”
Ostbye, founded in 1920 and led by the fourth-generation MacBean, offers a range of collections including bridal jewelry, anniversary bands, women’s diamond fashion jewelry, men’s jewelry, colored gemstone jewelry, and the “Marriage Symbol” collection, along with its “Thru the Store” marketing programs.
The company has been recognized as buying group RJO’s “Vendor of the Year” 12 times, IJO’s “Supplier of the Year,” and ranked fifth on Instore’s 2023 list of best-performing brands based on the magazine’s Big Survey.
