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Clean Origin receives $20 million equity investment from Titan

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Leading Lab-Grown Diamond Brand Uses Funds to Strengthen Supply Chain and Retail

STAMFORD, CONNECTICUT, USA, March 22, 2022–(BUSINESS WIRE)–Great Heights Inc. and its subsidiary Clean Origin LLC, a leading online retailer of DTC lab-grown diamonds, engagement rings and jewelry, today announced a $20 million equity investment from TCL North America , Inc. (TCL Inc), a wholly owned subsidiary of Titan Company Limited (NSE: TITAN), an Indian luxury goods company known for manufacturing jewelry and watches, known for further developing the company’s business activities . Clean Origin plans to use the funds to scale its operations, strengthen its supply chain, invest in omnichannel retailers, take advantage of cross-border Indo-American synergies, and build a strong balance sheet to grow the lab-grown diamond industry. .

This transaction values ​​Great Heights Inc. at approximately $132.8 million on a pre-money valuation basis and $152.8 million on a post-money valuation basis and will not result in a change of control or management for Great Heights Inc. Heights, the company that retains majority control. .

The agreement includes the following:

  • Ajoy Chawla, CEO of the Jewelry Division of Titan Company Limited, joins the Board of Directors of Great Heights Inc.

  • Titan will own approximately 13.09% of the profits and 17.54% of the voting control of Great Heights Inc.

“We are very pleased to have chosen Titan as a partner and look forward to welcoming Mr. Chawla to our Board of Directors,” he said. Alexander Weindling, co-founder and CEO of Clean Origin and Great Heights Inc. “Titan brings more than just cash to fuel our growth, but also deep expertise in international custom diamond jewelry manufacturing, control and logistics on a global platform.”

Clean Origin is dedicated to taking the diamond industry to a higher level with a new, environmentally responsible, conflict-free process that makes every diamond buyer feel good. Each diamond is grown in the lab using a process that mirrors the natural growth process, creating molecularly identical stones, without the destructive forces of mining or its grim ethics. All diamonds are 100% real, 100% ethical, independently certified and meet the highest quality standards.

About clean source

Clean Origin, a wholly owned subsidiary of Great Heights Inc., is the largest retailer of pure lab-grown diamond jewelry in the United States. The company was founded in 2017 by Alexander Weindling, Ryan Bonifacino and a team of industry veterans, who together have more than 100 years of experience, to transform the way diamonds are developed, sourced and sold. Founding investors included Terry Burman, Chairman of Abercrombie & Fitch, former Chairman of Zale’s and CEO of the Signet, Kay Jewelers and Jared brands. Clean Origin knows the diamond jewelry industry inside out and is committed to improving the diamond shopping experience. The company prioritizes quality and ethics so consumers can have peace of mind when it comes to buying diamonds now and forever. For more information visit www.cleanorigin.com

About Titan Company Limited

Titan, a joint venture between Tata Group and Tamil Nadu Industrial Development Corporation (TIDCO), began operations in 1984. Since then, Titan has grown from watches to India’s largest lifestyle jewelry brand, Tanishq , and India’s largest digital omnichannel jeweller, Caratlane.com. Titan is widely recognized for transforming the Indian jewelry industry and making an impact on the Indian retail market by introducing experiential retail. With 2,000 stores in India and abroad, Titan reported sales of US$2.7 billion in 2021.

Founded in 1868 by Jamsetji Tata, Tata is one of the world’s leading companies. In its most recent fiscal year, Tata had sales of $103 billion with a market capitalization of more than $300 billion, including 28 publicly traded companies as of September 30, 2021, across 10 verticals including consumer goods. , technology and retail.

The source language in which the original text is published is the official and authorized version. Translations will be included for better understanding. Only the version in the language that was originally published is legally valid. Therefore, compare the translations with the original language version of the publication.

View the original version on businesswire.com: https://www.businesswire.com/news/home/20220322005241/en/

contacts

Clean Origin LLC
John E Beckwith
Financial and Administrative Director
[email protected]

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