The announcement coincided with its full-year results, with growth driven by its jewelry brands.
Two private equity firms acquire Spence Diamonds
Lion Capital has partnered with retail investor and operator Ivest Consumer Partners to purchase Canada’s Spence Diamonds, with an eye toward possible expansion.
Vancouver, Canada--Lion Capital has partnered with retail investor and operator Ivest Consumer Partners to purchase Canada’s Spence Diamonds, with an eye toward possible expansion.
Lion Capital is the main buyer, with Ivest making a minority investment in the chain.
Ivest will bring in two of its executives and partners to lead the business while Spence’s current CEO, Sean Jones, remains on the board and acquires a minority stake in the company.
Heading Spence going forward will be George Jones, who has worked at both Saks Fifth Avenue and Borders bookstores, and Jim Schneider, who has held positions at Bloomingdale’s, Warner Bros., Hermes and Nordstrom.
Though financial terms of the transaction were not disclosed, Fortune reported that the deal was valued at around $125 million.
Spence Diamonds was founded in 1978 in Vancouver and now operates with a “brass and glass” business model. The retailer has seven showrooms across Canada where most inventory on hand is cubic zirconia. Shoppers pick the ring they want from thousands of designs and then their ring is made for them in precious metal and set with a real diamond.
In 2009, Spence Diamonds entered the U.S. market by buying three stores in Houston, Texas, from Robbins Bros., only to sell two of them back to the retailer and the last to another company before exiting the market by the end of 2010.
According to the Fortune story, the plan is to expand Spence from its current seven showrooms in Canada to more than 20, as well as a possible reentry into the U.S. even though it’s a “more saturated market.”
Lion Capital, which currently has offices in London and Los Angeles, focuses investment on consumer brands in both North America and Europe, and has delved into fine jewelry before, when partner Lyndon Lea served on the board for Harry Winston.
The Latest
Looking ahead, the retailer said it sees “enormous potential” in Roberto Coin’s ability to boost its branded jewelry business.
Jewelry trade show veterans share strategies for engaging buyers, managing your time effectively, and packing the right shoes.
Despite the rising prices, consumers continue to seek out the precious metal.
This little guy’s name is Ricky and he just sold for more than $200,000 at Sotheby’s Geneva jewelry auction.
Though its website has been down for a week, Christie’s proceeded with its jewelry and watch auctions on May 13-14, bringing in nearly $80 million.
Despite the absence of “The Allnatt,” Sotheby’s Geneva jewelry auction totaled $34 million, with 90 percent of lots sold.
Tradeshow risks are real. Get tips to protect yourself before, during and after and gain safety and security awareness for your business.
Lilian Raji gives advice to designers on how to make the most of great publicity opportunities.
The mining company wants to divest its 70 percent holding in the Mothae Diamond Mine in an effort to streamline its portfolio.
Why do so many jewelers keep lines that are not selling? Peter Smith thinks the answer lies in these two behavioral principles.
The “Argyle Phoenix” sold for more than $4 million at the auction house’s second jewels sale.
The annual list recognizes young professionals making an impact in jewelry retail.
Owner David Mann is heading into retirement.
While overall sales were sluggish, the retailer said its non-bridal fine jewelry was a popular choice for Valentine’s Day.
The mining giant also wants to offload its platinum business as part of an overhaul designed to “unlock significant value.”
Christie's is selling one of the diamonds, moving forward with its Geneva jewelry auction despite the cyberattack that took down its website.
Retailers can customize and print the appraisal brochures from their store.
The move follows a price-drop test run in Q4 and comes with the addition of a “quality assurance card” from GIA for some loose diamonds.
The site has been down since Thursday evening, just ahead of its spring auctions.
The late former U.S. Secretary’s collection went for quadruple the sale’s pre-sale estimate.
Three fifth graders’ winning designs were turned into custom jewelry pieces in time for Mother’s Day.
Kimberly Adams Russell is taking over the role from her father, David Adams, marking the third generation to hold the title.
As a token of womanhood, this necklace depicts when Venus was born from the sea.
Show your mother some love with a piece of fine jewelry.
The company’s Easton location will remain open.
Brian D. Fleming of Carla Corporation was elected to serve a one-year term in the role.