Simultaneous LBO acquisition of Histoire d'Or and Marc Orian by Bridgepoint and Apax from respectively Silverfleet and Qualium
Wagram Corporate Finance provided financial advice to Bridgepoint and Apax
Simultaneous LBO acquisition of Histoire d'Or and Marc Orian by Bridgepoint and Apax from respectively Silverfleet and Qualium
Sector(s) : Consumer goods / Retail & Leisure
Date : October 2010
Advisor(s) : Wagram
Advised : Buy Side
Mid-Capital partner Wagram Corporate Finance provided financial advice to Bridgepoint and Apax
Bridgepoint has completed the simultaneous acquisition of the two leading jewellery retailers in France, Histoire d’Or and Marc Orian, in a transaction totalling over €600 million to create the undisputed leader in the French jewellery market and to provide a platform for European consolidation of the segment.
With a network of over 500 outlets, principally in shopping centres across France, and including 20 stores in Italy, Belgium and Portugal, the Histoire d'Or/Marc Orian group will have 2,700 employees and combined revenues of €350 million.
The merger is expected to deliver significant synergies and operational benefits, notably in gross margin improvement, improved cost structures and inventory management. The management team of Histoire d’Or, headed by Eric Belmonte, will lead the new entity. Bridgepoint will be the majority shareholder in the group with Apax Partners (a former investor in Histoire d'Or) and Qualium co-investing in minority positions. Eric Belmonte said: “By combining Histoire d'Or and Marc Orian we will create a national champion that is capable of developing internationally and modernising what has been a conservative sector. These are two complementary brands with strong management teams.”
Histoire d'Or, founded in 1981, is the No 1 jewellery retailer in shopping centres, operating in the generalist affordable precious jewellery segment of the market where average ticket prices are below €300 but represent over 50% of the market in France.
Marc Orian, originally a spin off from Histoire d'Or in 1986 and the No 2 player in France, has a mid-market positioning through three different store formats.
The segment in which both companies operate has been growing since 2003 by 4.6% p.a., faster than the rest of the market.
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