Private equity firm Lion Capital has purchased Canadian jewellery retailer Spence Diamonds for an estimated $125 million, according to Fortune Magazine.
The deal for the 27 year-old Canadian diamond retailer included a minority co-investment from IVEST Consumer Partners, which is a Vancouver-based retail investor and operator. IVEST is set to bring in seasoned operating executives George Jones and Jim Schneider on board.
Spence CEO Sean Jones will retain an ownership position and a seat on the board. The company doesn’t have any debts and hopes that the move will help expand the retailer’s current number of locations, which stands at seven, to 20 across Canada.
According to Eric Lindberg, a partner of Lion Capital, “Sean and his team have done an outstanding job of successfully establishing the Spence franchise. We look forward to supporting the continued growth of this distinctive retailer, which we believe delivers a unique proposition within the Canadian jewelry sector. Lion’s deep expertise in successfully driving the rollout of strong branded retail concepts will be critical to supporting Spence’s continued growth through the next phase of its development in new markets.”
Sean Jones said in a statement, “I could not be more pleased about having Lion Capital lead Spence Diamonds in its next chapter of growth. By building our business, we will be able to create many more opportunities to support our customers and team members in achieving their dreams. I thank every member of the Spence team for their ongoing commitment to excellence and the difference they makes in people’s lives.” CJ