18th Apr 2016 14:11
LONDON (Alliance News) - FTSE 100 private equity company 3i Group PLC on Monday said it sold Amor, a Frankfurt-based affordable jewellery company, to European private equity firm Gilde Buy Out Partners.
The total proceeds of EUR197 million to 3i and its funds represent a 2.5 times euro multiple, or 2.3 times in sterling. Proceeds to 3i will equate to about GBP89 million, equivalent to a 42% increase on 3i's valuation of Amor as of December 31.
The proceeds come on top of EUR46 million received by 3i and funds through a refinancing in 2014, of which 3i received GBP21 million.
In December 2010, 3i and funds invested EUR99 million for a majority stake in Amor. Since then, earnings before interest, tax, depreciation and amortisation have grown by almost 60% at Amor.
"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 in a statement.
Shares in 3i were down 0.2% at 479.50 pence on Monday afternoon.
By Samuel Agini; [email protected]; @samuelagini
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