US private equity firm Apollo Global Management LLC (NYSE:APO) said it had struck a definitive deal to buy UK luxury jewellery retailer Aurum Holdings Limited.
The investor did no say how much it would pay for the business.
Aurum, which was founded in 2004 and based in based in Leicester, UK, owns and operates a chain of jewellery and watches stores in the country. Its portfolio includes the Watches of Switzerland, Mappin & Webb and Goldsmiths brands.
The company was initially created by bankrupt Icelandic investor Baugur Group, which acquired and merged the UK high street jewellery stores under the Aurum name.
As part of Apollo, Aurum will be in a position to benefit from its retail industry expertise, resources and capabilities across the leisure and commodities sectors, the target’s CEO Justin Stead said.
The deal, which is subject to customary closing conditions, is expected to be completed in the first quarter of 2013. Apollo took counsel from DC Advisory in connection with the transaction.