Local Barclays team leads on AURUM deal
BARCLAYS in Birmingham has acted as lead arranger for a deal which has seen jewellery retailer AURUM Holdings acquired by Apollo Global Management for an undisclosed sum.
AURUM encompasses High Street retail jewellers such as Goldsmiths, Mappin & Webb and Watches of Switzerland.
The banking facilities for the deal were provided by Barclays alongside a number of other funders.
Sanjay Patel, head of international private equity for New York-headquartered Apollo, said, “AURUM is a leader within the luxury watch retail industry and it has established an enviable position in the United Kingdom driven by exceptional service and customer experience and strong partnerships with most of the world’s major watch brands.
“We look forward to working closely with Justin Stead and his team to drive growth through enhancement of its leading market position in luxury watches and further development of its jewellery offering.”
Justin Stead, chief executive of Leicester-based AURUM, said: “Our new banking facilities will provide a long-term, flexible solution designed to match and fund our expansion plans during the next stage of AURUM’s development.”
“AURUM’s success is testament to the strength of our brands, the execution of a defined vision and strategy, committed world class partnerships and the dedication of the entire AURUM team.”
Barclays’ team in the Midlands provided revolving credit facilities. Jim Quantrill, relationship director said: “Having developed our relationship with the company over many years, we were well placed to understand the needs of the business which is driven by a dynamic management team who are executing a clear strategy across their various brands.”
Ian Tetsill, from the Midlands Debt Finance Team at Barclays, said: “Our relationship and understanding of the business and its objectives has enabled us to suggest and play our part in providing an innovative debt structure which will support the company and Apollo in achieving their ambitious growth plans.”
Apollo was advised by DC Advisory for the purpose of raising finance for the acquisition.
