Gilde buys Amor from 3i in secondary MBO

In December 2010, 3i and its funds invested €99m for a majority stake in Amor; the sale itself generated £89m in proceeds. The sale represents an uplift of 64% to 3i's valuation in March 2015 and adds to the €46m received by 3i and its funds through a refinancing in 2014, of which 3i itself received £21m. The total realisations over the course of the investment total €197m for a 2.3x return multiple.

Since 3i invested, Amor's EBITDA has grown by 60% and it has increased its number of points of sales through a European rollout and by establishing footholds in North America, Asia and Australia. In addition, two new jewellery lines have been developed.

During its investment period, 3i appointed former Metro Cash & Carry executive board member Peter Linzbach as chair, and former Ikea CEO Anders Moberg as non-executive director.

Following the buyout by Gilde, Amor's management team will remain unchanged and become shareholders in the business. In order to further grow the company, the new owners plan to further build up its relationship with key customers, while assisting with further internationalisation.

Company
Amor is a supplier of affordable jewellery founded in 1978 and headquartered in Obertshausen. The company claims it sells 5 million pieces of jewellery annually at more than 2,900 point of sales in 24 countries. Its products include rings, earrings, chains, bracelets and charms.

People
Amor – Marcus Hoffmann (CEO).
Gilde Buy Out Partners – Matthias Wilcken (partner).
3i – Peter Wirtz (partner).

Advisers
Equity – DC Advisory (corporate finance).

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• Topics
• Buyouts
• Exits
• DACH
• Consumer
• Germany
• 3i
• Gilde Buy Out Partners
• Secondary buyout