Date closed: 8/4/2015

Value: C$5.625 million

On August 4, 2015, Birks Group Inc. (Birks) and Rideau Recognition Solutions Inc. (Rideau) executed a definitive asset purchase agreement whereby Birks Group sold its Corporate Sales Division, also known as "Birks Business", to Rideau for C$5.625 million (or approximately  US$4.3 million). The Corporate Sales Division services business customers by providing them with unique items for recognition programs, service awards and business gifts.

Under the terms of the agreement, Rideau acquired the existing inventory of the Birks Corporate Sales Division and will continue the employment of the existing employees of the Corporate Sales Division. In addition, as part of the agreement, Birks will supply Rideau with Birks-branded jewelry and watches and Birks will receive ongoing royalty payments from Rideau related to the license of the Birks Business Brand and future sales of Birks-branded products.

Birks Group, headquartered in Montréal, Québec, is a leading operator of luxury jewelry stores in Canada and the United States.

Rideau, headquartered in Montréal, Québec, is a full service provider of tailor-made recognition and reward solutions.

BLG represented Birks with a team led by Geneviève Bergeron and Patrice Martin that included André Dufour, Patrick Trent and Calvin Leung.