3i's Amor completes €103m refinancing

The fresh layer of senior debt will be used to repay shareholder loans and capital reserves. The transaction sees £21m returned to 3i, and Amor's gearing significantly reduced. 

The refinancing was led by Amor's existing lenders IKB and Commerzbank.

Previous investment
3i acquired Amor in a secondary buyout from Pamplona Capital in December 2010. Debt for the deal was provided by IKB Deutsche Industriebank.

Since 3i's acquisition, Amor has increased its EBITDA by 30%. The company expanded across Europe and established a presence in the US, the Middle East and Australia.

Company
Established in 1978, Amor distributes affordable precious jewellery. The business operates from a hub in Obertshausen, near Frankfurt, Germany, and sells its products through 1,400 points of sale in 12 countries.

People
Peter Wirtz is partner and managing director of 3i Germany.

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• Topics
• Exits
• DACH
• Consumer
• 3i
• Refinancing
• Germany