CriticalPoint, an El Segundo-based investment bank and advisory firm, announced in June that its affiliates acquired Pura Vida Bracelets, a jewelry and lifestyle accessories brand headquartered in La Jolla.
Financial terms of its deal with Vera Bradley Inc., a Fort Wayne, Indiana-based handbags, accessories and luggage company, were not disclosed. “We see tremendous opportunity to unlock Pura Vida’s full potential as a vibrant, category-defining lifestyle brand,” said Brad Holtmeier, a partner at CriticalPoint, in an email statement with the Business Journal.
The company’s “near-term focus is to reimagine and transform the business through operational discipline, brand investment, and deeper customer engagement,” he said.
“This includes streamlining operations, strengthening omnichannel distribution, driving product innovation, and positioning the company for profitable, scalable growth.”
New Pura Vida CEOÂ
CriticalPoint tapped Ryan Heuser, co-founder and former president of the Paul Frank Industries brand, to be the new chief executive for Pura Vida Bracelets.
Heuser brings a cachet of knowledge within the lifestyle space, as he helped build Paul Frank Industries into a popular brand for nearly 20 years. The company’s well-known apparel and accessories featuring the character Julius the Monkey were sold at retailers like Nordstrom Inc. and Target Corp. Paul Frank Industries also ran 30 brand stores.
Saban Brands purchased Paul Frank Industries for an undisclosed amount in 2010. The Orange County Business Journal reported the deal’s price tag was about $50 million.
Pura Vida Bracelets brand has been a fixture at swimwear boutiques and other retailers since it launched in 2010.
Vera Bradley purchased Pura Vida Bracelets in 2019 for $85 million though it largely struggled under its ownership. The brand’s fourth quarter 2024 sales declined 21.6% in a year-over-year comparison, according to a Vera Bradley announcement.
