Bahraini alternative asset manager snaps up luxury retail firm Georg Jensen
Bahrain-based alternative asset manager, Investcorp, is buying Danish luxury retailer Georg Jensen for US$140m, Investcorp's spokesman confirmed on Monday.
The Financial Times reported the deal earlier on Monday, quoting Hazem Ben-Gacem, Investcorp's European private equity head, who will co-chair Georg Jensen, as saying Investcorp planned to expand the Danish brand in Asia, especially China.
The deal, which is expected to close on Monday, will be cash-only and fully paid by Investcorp, said Firas El Amin, head of corporate communications.
"We have a working capital and capital expenditure facilities from Nordea Bank," he said, adding that ING Bank was advising Investcorp on the deal.
Georg Jensen, with sales of US$160m in 2011, has 94 stores worldwide, including a presence in Australia, Japan and Hong Kong and Denmark.
Investcorp, which previously took public luxury brands Gucci and Tiffany & Co, is buying Georg Jensen from private equity firm Axcel Capital Partners.
The Bahraini firm had US$11.5bn in assets under management on June 30. Last month it raised US$250m with a five-year international bond issue.