Private equity firm sells GLD Shop to Jay-Z-linked investment group while adding Canadian fuel company to portfolio
HIG Capital scored a profitable exit from celebrity jewelry brand The GLD Shop this month, selling its majority stake to MarcyPen Capital Partners after engineering 130% revenue growth during a four-year investment period.
The Miami-based private equity firm sold the jewelry company, worn by NBA star Kevin Durant and rapper Snoop Dogg, to the investment group connected to Jay-Z while retaining a minority position. Days earlier, HIG completed a separate CAD 400 million acquisition of Canadian mobile fuel delivery company 4Refuel.
The contrasting July transactions underscore HIG’s strategy of pairing high-growth consumer brands with steady industrial services businesses, an approach that has helped the $70 billion investment firm navigate varying market conditions.
Celebrity jewelry pays off
HIG Growth Partners’ investment in GLD represents a textbook case of successful consumer brand scaling in the digital era. The firm backed founder Christian Johnston in 2021 when the company was primarily known for selling chains and pendants online to hip-hop enthusiasts.
Under HIG’s guidance, GLD expanded its product line to include watches and accessories while securing lucrative licensing deals with major sports leagues including the NBA, NFL, MLB and NHL. The brand cultivated relationships with high-profile athletes and entertainers, turning celebrity endorsements into a core marketing strategy.
“GLD’s evolution from a digital disruptor to category leader has been part of our aligned vision with Christian and the senior management team since our initial investment,” said Evan Karp, managing director at HIG Growth Partners.
Johnston will continue leading the company as president and chief creative officer, working alongside CEO David Reinke. The founder increased his ownership stake through a reinvestment as part of the transaction.
The sale to MarcyPen, formed last year through a merger involving Jay-Z’s Marcy Venture Partners, marks the new firm’s inaugural deal. Brand Velocity Group joined as co-investor, bringing consumer goods expertise to the ownership structure.
Wholesale expansion planned
GLD’s new owners inherit a brand poised for channel expansion beyond its direct-to-consumer roots. Johnston told industry publication Women’s Wear Daily that the company plans to begin wholesale partnerships with retail chains.
“We have a couple retailers knocking on the door,” Johnston said. “There’s a whole other layer we can add to this business.”
The wholesale push could significantly expand GLD’s market reach while reducing dependence on digital marketing and celebrity partnerships for customer acquisition.
Industrial services acquisition
HIG’s July activity also included the CAD 400 million purchase of 4Refuel from Finning International, adding essential infrastructure services to the firm’s portfolio. The Toronto-area company delivers fuel directly to customer equipment across 27 locations in Canada and Texas.
“4Refuel is a scaled, differentiated, technology-enabled platform operating in a mission-critical segment of the energy value chain,” said Matt Kever, managing director at HIG.
The acquisition price represents a 54% premium to the CAD 260 million that Finning paid for 4Refuel in 2019, reflecting strong operational performance under the heavy equipment dealer’s ownership.
4Refuel serves more than 3,000 customers in rail, construction and logistics sectors, delivering approximately one billion liters of fuel annually. CEO Larry Rodo will continue leading the company under HIG’s ownership.
Broader investment pace
The July deals continue HIG Capital’s active deployment schedule across multiple sectors. Earlier this year, the firm acquired healthcare revenue cycle manager GetixHealth, Microsoft cloud services provider Quisitive, and completed a merger creating technology services company Pellera Technologies.
HIG also expanded its food manufacturing exposure with the acquisition of pickle producer Patriot Pickle, supporting the company’s opening of a Texas facility that more than tripled production capacity.
Founded in 1993 by Sami Mnaymneh and Tony Tamer, HIG has invested in more than 400 companies through its private equity, growth capital, real estate and debt strategies. Current portfolio holdings generate combined annual sales exceeding $53 billion across the firm’s 19 global offices.
The firm’s diversified approach positions it to capture opportunities across economic cycles while maintaining exposure to both defensive industrial assets and higher-growth consumer brands.
