Quadrant sells Australian jeweler to Indian trade player
Quadrant has sold its Australian portfolio company The Jewellery Group to M Suresh Group DMCC, a global jewelry maker based in Mumbai.
Quadrant first invested in The Jewellery Group, which operates Zamel's and Mazzuchelli's 129 retail stores, in 2007 for A$37.7 million ($39 million), through it's A$265 million Quadrant Private Equity No. 1.
Jeweller magazine reported that Quadrant has been looking for buyers in recent months, and expanded negotiations to overseas suitors after it looked unlikely to find a domestic buyer. Sources further told the magazine that Quadrant may have offloaded its asset for less than A$20 million.
A statement from the parties affirmed that Zamel's and Mazzuchelli's would continue operating under their brand names, and The Jewellery Group's management would be unchanged.
Adelaide-based The Jewellery Group sells jewelry products containing gems such as amethyst, crystals, diamonds, emeralds, garnets and pearls, in addition to repairing jewelry.
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