Amor completes € 103m refinancing with existing bank syndicate

01 Jul 2014

3i-backed Amor (“the Company”), the market leader for precious jewellery in the entry-price segment, has successfully completed a refinancing, amending and extending its existing facilities to provide a total of €103.1m senior debt facilities. Existing cash and new funds will be used to repay shareholder loans and capital reserves.

3i Group, and funds managed by 3i, invested in Amor in December 2010, acquiring a majority stake in the business. Cash returned to 3i Group plc was circa £21m and the total cash returned to 3i Group and funds managed by 3i was circa €46.1m, with funding having occurred on 30th June 2014. 

Since 3i’s investment, the Company has performed well, increasing its EBITDA by more than 30%. This improved performance, along with strong cash conversion, has allowed the business to significantly reduce gearing, providing the opportunity to take on further financing. 

Since 2010, the Company has significantly increased the number of Point of Sales through its European roll-out and initial footholds in North America, the Middle East and Australia. With its sophisticated logistics and IT systems, the Company is able to service the international markets from its operations hub in Obertshausen, close to Frankfurt, Germany.

Together with 3i, Amor will continue its global brand expansion strategy. Additional growth will come from new concepts such as Sara & Kate and Amor’s own retail kiosks.

Peter Wirtz, Partner and Managing Director of 3i Germany, said: “We are pleased to note that Amor’s refinancing was significantly oversubscribed, demonstrating the quality of Amor’s credit.  Amor continues to perform well and enter new international markets, affirming its position as the market leader for precious jewellery in the entry-price segment.”

The transaction received strong support from all of the existing high quality syndicate of banks led by IKB and Commerzbank and was oversubscribed by c100%. 

For further information, contact:

3i Group plc
Kathryn van der Kroft
Tel: +44 20 7975 3021
Email: kathryn.vanderkroft@3i.com

Notes to editors:

About Amor
Amor Group is one of the most successful, vertically integrated suppliers of affordable precious jewellery. The company was founded in 1978 and is headquartered in Obertshausen near Frankfurt/Main. The company sells over 5 million pieces of jewellery annually at more than 1,400 point of sales in 12 countries. Amor distributes a product portfolio including rings, earrings, chains, bracelets and charms through diverse sales channels.

About 3i Group
3i is a leading international investment manager focused on mid-market Private Equity, Infrastructure and Debt Management across Europe, North America and Asia. For further information, please visit: www.3i.com.