Investcorp explores Georg Jensen sale; FIH Partners mandated

The sell-side has started to reach out to potential buyers to sound out interest, but no formal process has yet been launched, the sources said.

A decision on whether to proceed with a formal sale process is expected in the coming weeks, meaning kick-off could come in Q2 2022, one of the sources said.

Both sponsors and strategic players have been contacted, and the company is likely to seek future growth by focusing on the US market, one of the sources said.

However, given that consumer and design assets have gone somewhat out of fashion with private equity firms, many PE firms may struggle to find a viable investment angle on Georg Jensen, a banker following the situation said.

The asset is expected to be marketed based on EBITDA of around EUR 25m, one of the sources said.

Georg Jensen reported 2019/20 EBITDA of DKK 152m (EUR 20.43m). The group posted EBITDA of DKK 83.2m (EUR 11.2m) in the first nine months of 2021. Georg Jensen firmed up guidance that 2020/21 EBITDA growth would exceed 10% year-on-year.

The 2020 sale of Swedish home furnishings business Nordic Nest to retailer BHG Group for EUR 156m could be viewed as a benchmark deal; however, Nordic Nest is more a platform company, while Georg Jensen is also a design house, the banker said.

Investcorp acquired Georg Jensen for USD 140m from Axcel in 2012. The target generated approximately EUR 140m in revenues the year before Investcorp's investment.

Founded in 1904, Georg Jensen designs, manufactures and sells jewellery, watches, silverware and homeware.

Investcorp declined to comment. Georg Jensen and FIH Partners did not respond to requests for comment.

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