Amor Jewellery, the Frankfurt-based jewellery brand sold into the UK through retailer Goldsmiths, has changed hands in a deal worth £89m.
Private equity firm 3i Group has been owned by for the last six years, but it has struck a deal to sell the affordable precious jewellery brand to Gilde Buy Out Partners, a European private equity investor.
3i and funds invested €99m for a majority stake in Amor in December 2010 and since then EBITDA has grown almost 60%. Amor has also significantly increased its number of point of sales through a European roll-out and establishing footholds in North America, Asia and Australia.
In addition, two new jewellery lines have been developed providing access to a wider customer base, while remaining true to Amor’s core strengths. Today, Amor operates in 24 countries worldwide.
During its investment period, 3i supported management in applying best practices to further improve the company’s commercial, financial and operational functions.
Peter Wirtz, partner and managing director of 3i Germany, said: “We have worked closely with the business to expand its international footprint, particularly in Europe. Over our investment period the business has opened over 1,000 points of sale.
Marcus Hoffmann, CEO of Amor, said: “3i’s international network has proved invaluable in establishing our brand across Europe. We look forward to working with Gilde for the next stages in our company’s development.”
Total proceeds of €197m (£153m) from the deal represent a 2.5x euro money multiple on the investment made by 3i and funds. 3i’s share works out at around £89m, which it says represents an uplift of 42% to its valuation at 31 December 2015 and 64% as at 31 March 2015.