Lion Capital is to acquire Spence Diamonds, a direct seller of custom-made engagement rings in Canada.
Lion Capital is partnering with IVEST Consumer Partners, a Vancouver-based retail investor and operator, who will bring seasoned operating executives George Jones and Jim Schneider to lead the business. IVEST will make a minority investment in Spence, as will current CEO Sean Jones, who will also remain on the board. The terms of the transaction were not disclosed.
Founded in 1978, Spence Diamonds carved out a distinctive position within the retail jewellery industry by giving its customers a unique and personalised purchasing experience at an exceptional value. By empowering customers with education on diamonds from highly trained sales consultants and delivering quality stones at a superior value through vertical integration, Spence has maintained a leadership position in the category for over 30 years. The company operates seven showrooms across Canada, each of which showcase over 2,500 of the most sought after ring designs. Spence has generated exceptional financial performance over the past decade, supported by fundamentals that are expected to continue as Spence extends its geographic reach.
Eric Lindberg, Partner of Lion Capital, says: “Sean and his team have done an outstanding job of successfully establishing the Spence franchise. We look forward to supporting the continued growth of this distinctive retailer, which we believe delivers a unique proposition within the Canadian jewellery sector. Lion’s deep expertise in successfully driving the rollout of strong branded retail concepts will be critical to supporting Spence’s continued growth through the next phase of its development in new markets.”
Sean Jones, CEO of Spence Diamonds, says: "I could not be more pleased about having Lion Capital lead Spence Diamonds in its next chapter of growth. By building our business, we will be able to create many more opportunities to support our customers and team members in achieving their dreams. I thank every member of the Spence team for their ongoing commitment to excellence and the difference they makes in people's lives."
