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14 October 2010

Histoire d’Or turns into a pot of gold

Silverfleet Capital, the European private equity firm that specialises in buy and build investments, has made a 3x money return and an IRR of 27 per cent from the €417 million sale today of France’s leading jewellery chain Histoire d’Or, to Bridgepoint.

Silverfleet Capital invested in Histoire d’Or in 2006, in a tertiary buy-out, with the objective of continuing its successful roll-out strategy across France. Since then the company has increased the number of stores it operates from 124 to 208 while EBITDA has grown by 70 per cent (from €27million to €46 million). In addition to a roll-out in France and Italy the company has successfully executed a buy & build strategy by acquiring three businesses, including Charles d’Orville a 17 store chain in France and Histoire d’Or’s franchisee in Belgium.

Neil MacDougall, managing partner of Silverfleet Capital said: “This has been a very successful investment generating a three times money multiple for Silverfleet Capital’s investors. This is made all the more remarkable by the resilience the company has demonstrated over the last two years and is a tribute to the exceptional retailing skills of the management of Histoire d’Or.

“We wish Eric Belmonte and his team every success in the future and in particular with the acquisition of Marc Orian which occurs as part of this transaction.”