Investcorp Bank BSC, a Bahrain-based alternative investment company, agreed to pay $140 million to buy Scandinavian luxury retailer Georg Jensen and said it’s planning to turn the company into a global franchise.
Investcorp will acquire the company from private equity group Axcel Capital Partners, it said in an e-mailed statement today. David Chu, founder of clothing company Nautica, will join Georg Jensen after the deal closes as chief creative director and co-chairman of the board, according to the company.
Denmark-based Georg Jensen designs, manufactures and distributes jewellery, watches, and silverware. The company was bought by Axcel in 2001 and has 94 fully owned and three franchised stores and had sales of about $160 million in 2011.
Investcorp will work with the current management team led by Ulrik Garde Due and David Chu to expand globally.
Investcorp had $11.5 billion of assets under management at the end of June, and its businesses include private equity, real estate investing and the U.S. and global hedge funds.