PARIS – Trail, the European private equity firm, announced today that it has reached, with the benefit of its Euro-China platform, a definitive agreement to acquire in a consortium 30% of the capital of APM Monaco (“APM” or “The Company”). APM is a leading contemporary jewellery brand, synonymous with the chic of Monaco and South of France lifestyle. The brand originated in Monaco and successfully grew a global footprint with a significant presence in Asia. Trail is part of a consortium composed of TPG, the leading global alternative asset firm, and China Synergy, an investment platform jointly set-up by TPG and CICC Capital. The acquisition of 30% of the company from its existing shareholders is expected to close in a few months. Additional terms were not disclosed.
“APM Monaco’s team is proud and looks forward to writing a new chapter of our brand history. Le consortium is the ideal leading global partner to continue to develop our contemporary luxury vision,” said Philippe Prette, founder and CEO of APM. “We look forward to the opportunities that lie ahead of us as we expand domestically and globally optimizing our strengths with their expertise while keeping the strong identity and values of the brand”.
APM started as an original design manufacturer (ODM) for leading European distributors 37 years ago. The Company relocated productions to China in 1992 and launched its own jewelry brand APM Monaco 20 years later. Headquartered in Hong Kong, APM combines contemporary luxury with fast retailing, two best-performing categories, capitalizing on strong demand from an upcoming generation and increasing lifestyle spending in China. With its in-house design experts, APM is a pioneer in the fashion jewelry space with strong product innovation. By the end of 2018, APM had approximately 200 stores in 26 countries.
“APM Monaco’s transformation from a European company into an Asian-focused market leader has been highly successful”, said Xavier Marin, Managing Partner of Trail. “As the European member of the consortium, we are thrilled to partner with Philippe and the whole management team to bring APM Monaco into the premier global jewelry brand position.”
“The founders and management team of APM have successfully built a fashionable brand that resonates well with consumers and has a loyal following. We are impressed by the Company’s creativity, vision for the luxury industry, and values,” said Chang Sun, Managing Partner, TPG China. “As investors, we are excited by the opportunity to partner with dynamic entrepreneurs like Philippe to bring their vision to the next level and look forward to working with the Company’s management team to accelerate growth by leveraging our global resources. We are also very happy to partner with China Synergy and Trail to accomplish this deal.”
“This is a perfect demonstration of the power of partnership,” said Ding Wei, CEO of CICC Capital, “TPG, China Synergy, and Trail each contributes distinctive competitive advantages and collectively bring irreplaceable value to the Company.”
Trail is a European private equity investment firm founded in 2007 with over €750 million cumulated capital managed to date. Trail has set-up a first-of-its-kind investment platform across Europe and Asia, with its two strategic partners, Silk Road Fund and CICC, China’s preeminent investment bank. Trail’s team helps high performing small and mid-size European companies scaling up, with a specific focus on innovation and China. Trail is committed to responsible investments. It has three offices in Paris, Beijing and Luxembourg.
TPG is a leading global alternative asset firm founded in 1992 with more than $104 billion of assets under management and offices in Austin, Beijing, Boston, Dallas, Fort Worth, Hong Kong, Houston, London, Luxembourg, Melbourne, Moscow, Mumbai, New York, San Francisco, Seoul, and Singapore. TPG’s investment platforms are across a wide range of asset classes, including private equity, growth equity, real estate, credit, and public equity. TPG aims to build dynamic products and options for its investors while also instituting discipline and operational excellence across the investment strategy and performance of its portfolio.
About China Synergy Fund
China Synergy is an investment platform set-up jointly by TPG, the leading global alternative asset firm, and CICC Capital. This platform targets investment opportunities both in China and overseas that will benefit from the key trends in the Chinese economy, underpinned by the sponsors’ strong cross-border investment and business development capabilities.
CICC Capital, a wholly owned subsidiary of China International Capital Corporation, has become a leading private equity brand in China, and a significant player to promote the transformation of Chinese economy.
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