Affiliates of Apollo Global Management are to acquire Aurum, a luxury jewellery retailer in the UK, which includes the Watches of Switzerland, Mappin & Webb and Goldsmiths brands within its portfolio.
The acquisition is expected to close in the first quarter of 2013 and is subject to customary closing conditions.
Sanjay Patel, head of international private equity for Apollo, says: “Aurum is a leader within the luxury watch retail industry and it has established an enviable position in the UK driven by exceptional service and customer experience and strong partnerships with most of the world’s major watch brands. We look forward to working closely with Justin Stead and his team to drive growth through enhancement of its leading market position in luxury watches and further development of its jewellery offering.”
Don McCarthy, current chairman of Aurum who is stepping down, says: “The acquisition by Apollo will provide Aurum with an outstanding platform for the company’s anticipated future growth and the development of compelling opportunities that exist within the business currently. Throughout the last three years Aurum has outperformed the market and this is a credit to Justin Stead, chief executive, and the Aurum management team who have executed a robust and focused strategic plan. It has been an incredibly rewarding experience to be part of the business and I would like to thank Landsbanki, Aurum’s existing shareholder, for their support, Justin, and the entire Aurum team for their professionalism and dedication steering Aurum through a significant period of growth, and I am confident the business will continue to grow in the future with Apollo’s support.”
