FRANCE - PPM buys jewellers from Apax

Histoire d'Or retails gold, silver and costume jewellery including watches via a network of 119 stores. The majority of stores are situated in shopping centres throughout France with a small number located in city centres, including four stores located in Spain and Portugal. In 2006, the company has plans to open a further 14 stores. The business generated revenues of EUR 136m in the year to 30 September 2005 and employs 750 personnel.

Commenting on the investment, Eric Belmonte, CEO of Histoire d'Or, said: 'Histoire d'Or is already a well established business. With the support of PPM as a majority shareholder we now have the opportunity to further invest in our business, as we continue to roll-out new stores across France. We also intend to seek new acquisition opportunities within the retail jewellery sector, thereby strengthening our market position.' Jean-Lou Rihon, a director of PPM, commented: 'The acquisition of Histoire d'Or represents a unique opportunity for PPM to ally itself with the leading jewellery retailer in France. We look forward to working with a successful management team and supporting them in their expansion strategy both in France and Europe, by providing additional resources for strategic acquisitions.'

Debt facilities are provided by Calyon and the Histoire d'Or management team will be re-investing alongside PPM. PPM was advised by JP Morgan.

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• Topics
• Buyouts
• France
• Consumer