Investcorp to buy Denmark's Georg Jensen
Manama, November 5, 2012
Bahrain-based alternative asset manager, Investcorp, is buying Danish luxury retailer Georg Jensen for $140 million, Investcorp's spokesman confirmed on Monday.
The Financial Times reported the deal earlier on Monday, quoting Hazem Ben-Gacem, Investcorp's European private equity head, who will co-chair Georg Jensen, as saying Investcorp planned to expand the Danish brand in Asia, especially China.
The deal, which is expected to close on Monday, will be cash-only and fully paid by Investcorp, said Firas El Amin, head of corporate communications.
"We have a working capital and capital expenditure facilities from Nordea Bank," he said, adding that ING Bank was advising Investcorp on the deal.
Georg Jensen, with sales of $160 million in 2011, has 94 stores worldwide, including a presence in Australia, Japan and Hong Kong and Denmark.
Investcorp, which previously took public luxury brands Gucci and Tiffany & Co, is buying Georg Jensen from private equity firm Axcel Capital Partners.
The Bahraini firm had $11.5 billion in assets under management on June 30. Last month it raised $250 million with a five-year international bond issue. - Reuters