FTSE 100-listed 3i Group said today that it's sold German jewellery business Amor to another private equity firm for around £89m.
3i made total proceeds of €197m (£156.1m) from selling the Frankfurt-based affordable jewellery company to Gilde Buy Out Partners, representing a 2.5 times euro multiple, or 2.3 times sterling multiple.
3i's proceeds of £89m is also equivalent to a 42 per cent increase on its valuation of Amor as of 31 December, and 63 per cent as of 31 March.
"Since investing in Amor in 2010, we have worked closely with the business to expand its international footprint, particularly in Europe. Over our investment period the business has opened over 1,000 points of sale," Peter Wirtz, partner and managing director of 3i Germany, said.
Marcus Hoffmann, chief executive of Amor, added: “Amor has undertaken a transformational journey over the past six years, and I would like to thank 3i for its partnership.
"3i’s international network has proved invaluable in establishing our brand across Europe. We look forward to working with Gilde for the next stages in our company’s development."
DC Advisory acted as financial adviser to 3i and Amor on the transaction, which is subject to approval by the relevant competition authorities.