Investcorp has signed an agreement to acquire Scandinavia’s luxury retailer Georg Jensen for $140 million from private equity group Axcel Capital Partners. Georg Jensen is part of the Royal Scandinavia Group which was bought by Axcel in 2001.
As part of this transaction, Investcorp has teamed up with David Chu, a luxury brand entrepreneur and founder of Nautica, who will join the company on closing as Chief Creative Director and Co-Chairman of the Board. Also joining the Board on closing will be Guy Leymarie, former Chief Executive Officer of DeBeers Diamond Jewelers, Cartier International and Dunhill.
Georg Jensen is a global luxury brand that designs, manufactures and distributes jewelry, watches, fine silverware and high-end homeware. The business has 94 fully owned stores and three franchised stores across the world. Georg Jensen has approximately 1,200 employees worldwide and in 2011 had sales of approximately $160 million. The company was founded in 1904 and is based in Denmark (www.georgjensen.com).
“We are delighted to be working with Investcorp, which has an unrivalled experience of building luxury brands. Investcorp’s commitment to developing the brand will ensure we are able to further strengthen Georg Jensen’s position globally as the leading Scandinavian luxury lifestyle brand,” said Ulrik Garde Due, CEO of Georg Jensen.
Investcorp invests in mid-size companies operating in a wide array of industry sectors that have total enterprise values of between $200 million and $1 billion and are located in North America or Western Europe. The group has offices in London and New York (www.investcorp.com).
“Over the course of three decades, Investcorp has invested in several luxury brands. Based on this experience and with the support of luxury brand veteran, David Chu, we will work closely with Georg Jensen’s management team to help promote the Georg Jensen brand globally,” said Mohammad Sammakia, Managing Director at Investcorp.
© 2012 PEPD • Private Equity’s Leading News Magazine • 11-5-12
