Golden Gate Capital has increased its stake in Zale (NYSE: ZLC) to 34.5%, making it the jewelry retailer's biggest shareholder. The firm exercised the remaining 4.6 million warrants of the 11.1 million it received from the company as part of a deal in which it lent the company $150 million in May. The first set of warrants were exercised in May and were all priced at $2 per share.
