TPG backs European jewelry brand with strong China focus

TPG is contributing capital from its seventh pan-Asian fund, which closed in February at $4.6 billion. Additional commitments will come from China Synergy, an investment platform established earlier this year by TPG and China International Capital Corporation (CICC), and Trail, a European private equity firm that has a separate partnership with CICC.

The size of the transaction was not disclosed. Reuters reported in February that APM was looking for a buyer in a deal potentially worth close to $1 billion.

APM describes itself as a “contemporary fashion jewelry brand with a touch of Monegasque flair.” It was established by Ariane Prette in 1982 as an original design manufacturer for leading European distributors. Production relocated production to China in 1992 and the company subsequently launched the APM Monaco brand. It is headquartered in Hong Kong and remains under family ownership.

There are approximately 200 stores globally, of which three-quarters are in Asia Pacific. China is the single largest market with more than 100. APM is also present in Australia, Cambodia, Hong Kong, Japan, Indonesia, Malaysia, New Zealand, Singapore, Taiwan, Thailand, and Vietnam.

“TPG’s unique expertise in growing iconic brands and their belief in our innovative products and business model makes them an excellent partner to work with, and at the same time, China Synergy and Trail bring their respective strengths in China and Europe. We look forward to the opportunities that lie ahead of us as we expand domestically and globally optimize our strengths with their expertise while keeping the strong identity and values of the brand,” Philippe Prette, CEO of APM, said in a statement.

China Synergy targets investment opportunities both within China and overseas, seeking companies that can benefit from key trends in the Chinese economy and leveraging the sponsors’ cross-border investment and business development experience. Last month, it agreed to acquire Electropoli, a provider of metal treatment services to the automotive industry, from France’s Impala Group.

Trail was established in 2007 and has over EUR750 million in capital under management. It helps mid-size European companies scale up in size and scope as well as pursue geographical expansion, with a focus on China. In 2016, Trail formed a China-Europe investment platform with CICC and the Chinese government-backed Silk Road Fund, which concentrates on areas covered by the Belt & Road Initiative.

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• Topics
• Greater China
• Europe
• Consumer
• Expansion
• Asia
• China
• TPG Capital
• CICC
• Trail