3i generates c. £89m proceeds and 2.3x return on the sale of Amor
3i Group plc (“3i”), and funds managed by 3i, today announced the sale of Amor.
3i Group plc (“3i”), and funds managed by 3i, today announced the sale of Amor, the market leader for affordable precious jewellery, to Gilde Buy Out Partners (“Gilde”), a European private equity investor.
Total proceeds of €197m to 3i and funds represent a 2.5x euro money multiple (2.3x in sterling). Proceeds to 3i from today''s transaction will be c. £89m which represents an uplift of 42% to 3i’s valuation at 31 December 2015 and 64% as at 31 March 20151. Today’s proceeds are in addition to €46m received by 3i and funds through a refinancing in 2014 of which 3i received £21m.
In December 2010, 3i and funds invested €99m for a majority stake in Amor, the Frankfurt-based jewellery business. Since then, EBITDA has grown almost 60% and Amor has 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, whilst remaining true to Amor’s core strengths. Today, Amor operates in 24 countries and is the German market leader for affordable precious jewellery.
During its investment period, 3i supported management in applying best practices to further improve the company’s commercial, financial and operational functions. In addition, through its Business Leaders Network, 3i introduced Dr. Peter Linzbach, former executive board member of Metro Cash & Carry, as Chairman and Anders Moberg, former CEO of IKEA, as non-executive director.
Peter Wirtz, Partner and Managing Director of 3i Germany commented:
“Since investing in Amor in 2010, 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. We would like to thank Amor’s management team led by the CEO, Marcus Hoffmann, for their commitment and partnership to grow the business to where it is today.”
Marcus Hoffmann, CEO of Amor, said:
“Amor has undertaken a transformational journey over the past 6 years, and I would like to thank 3i for its partnership. 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.”
DC Advisory acted as financial adviser to 3i and Amor on the transaction.
The transaction is subject to approval by the relevant anti-trust authorities.
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For further information, contact:
3i Group plc
Toby Bates
Interim Director of Communications
Telephone: +44 20 7975 3032
toby.bates@3i.com
Notes to editors:
About 3i Group
3i is a leading international investment manager focused on mid-market private equity, infrastructure and debt management across Europe, Asia and North America. For further information, please visit: www.3i.com
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 2,900 point of sales in 24 countries. Amor distributes a product portfolio including rings, earrings, chains, bracelets and charms through diverse sales channels.
Regulatory information
This transaction involved a recommendation of 3i Investments plc, advised by 3i Germany.