|Georg Jensen Fusion Rings|
Investcorp, a group that invests in what it calls “alternative products,” said Monday that it has signed a definitive agreement to acquire Danish luxury silver brand, Georg Jensen, for $140 million from private equity group Axcel Capital Partners.
With the sale comes a change in key personnel. David Chu, founder of Nautica, will join the company on closing as chief creative director and co-chairman of the Investcorp board. Also joining the board on closing will be Guy Leymarie, former CEO of DeBeers Diamond Jewellers, Cartier International and Dunhill.
Georg Jensen is a global luxury brand that designs, manufactures and distributes silver jewelry, watches, fine silverware and high-end housewares. With a history that spans more than 100 years, the Georg Jensen brand has a deep heritage in fine silver goods and represents quality craftsmanship and timeless designs.
“We are pleased to be entrusted with taking Scandinavia's preeminent luxury brand to a global level. We believe that in partnership with the current solid management team, said Hazem Ben-Gacem, head of Investcorp's European corporate investments activities. “Georg Jensen stands to become one of the leading hard luxury brands in the 21st Century.”
Georg Jensen was founded by the eponymous Danish designer in 1904. Today the business has 94 fully owned stores and three franchised stores around the world. The vertically integrated company has approximately 1,200 employees worldwide. In 2011, the company had sales of approximately $160 million. Georg Jensen is part of the Royal Scandinavia Group, which was bought by Axcel in 2001.
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