Private equity firm TPG Capital Management LP said on Wednesday it is leading a group of investors to buy 30 percent of jewellery brand APM Monaco.
Other investors include China Synergy, an investment platform jointly set up by TPG and CICC Capital earlier this year, and Paris-based private equity firm Trail, which counts CICC and Chinese state-owned Silk Road Fund as strategic partners.
TPG declined to disclose financial terms but one person with direct knowledge of the transaction said the deal values the jeweller at around $800 million.
TPG's is investing in APM through its Asia-focused private equity fund, which it closed in February with over $4.6 billion in committed capital.
APM's Chief Executive Officer Philippe Prette said the company would expand with the new partners.
Founded in 1982, the Prette family-owned jeweller relocated production to China in 1992. Now headquartered in Hong Kong, the silver jewellery business had approximately 200 stores in 26 countries by the end of 2018, mostly in Europe.
TPG said the transaction is expected to close in a few months. Natixis acted as financial advisor to APM in the transaction.