Apollo acquires Aurum Holdings

Previous estimates valued the deal at £175m. The deal is expected to close in Q1 2013 and remains subject to regulatory approval.

Landesbanki, which collapsed during the financial crisis, was majority shareholder of Aurum. The divestment is part of the winding-up process of the bank, which is administrated by the dedicated Winding-Up Board. 

Company
Aurum is the British holding company of luxury jewellery retailers Goldsmiths, Mappin & Webb and Watches of Switzerland. The company is expected to achieve £30m in EBITDA by year-end.

People
Sanjay Patel, head of international private equity, led the deal on behalf of Apollo. Don McCarthy will step down as chairman of the company following the conclusion of the deal. Justin Stead will remain as CEO.

Advisers
Equity – DC Advisory Partners (Corporate finance). 

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