|The Funds managed by Apax Partners sell their majority stake in Histoire d'Or to PPM Capital (24/02/2006 18:00)|
Paris, 24 February 2006 – PPM Capital has reached an agreement in principle to acquire Histoire d'Or, a leading French jewellery distributor, from a group of investors led by Apax Partners for a consideration of €230 million.
The transaction is subject to French competition authorities' approval. Debt facilities are provided by Calyon and the Histoire d'Or management team will be re-investing alongside PPM.
Histoire d'Or retails gold, silver and costume jewellery including watches via a network of 119 stores. The majority of stores are situated in shopping centres throughout France, with a small number located in city centres including two stores located in Spain and Portugal. In 2006, the company has plans to open a further 14 stores. The business generated sales of €136 million in the year to 30 September 2005 and employs 750 personnel.
This transaction marks the withdrawal of Apax Partners, which has backed Histoire d'Or in its development for eight years and was joined by the Alpha funds in 2003.
Histoire d'Or, which is positioned in the mid-market segment, has won market share from its competitors in recent years and has become the leading brand concept in France in the retail centre jewellery market. Its success has been driven by an effective marketing strategy, illustrated by the success of "Concept Rouge", the new store concept launched in 2001.
About Apax Partners
Apax Partners is one of the world's leading private equity investment groups. It operates across Europe, Israel and the United States and has more than 30 years of investing experience. Funds under the management or advice of Apax Partners total $20 billion around the world. These Funds provide long-term equity financing to build and strengthen world-class companies.
Apax Partners Funds invest in companies across its global sectors of Retail & Consumer, Tech & Telecom, Media, Healthcare and Business & Financial Services.
The Funds pursue a multi-stage equity investment strategy, investing in buyouts, growth capital and late venture.
For additional information, see: www.apax.com
For more information, please contact:
Apax Partners SA
+ 33 1 53 65 01 35
E-mail : email@example.com