Birks to sell U.S. jewelry unit to Apollo-owned Aurum for $104.6 mln
Canadian luxury goods and jewelry company Birks Group Inc (NYSE MKT: BGI) has agreed to sell its U.S. subsidiary, Mayor's Jewelers Inc, to Aurum Holdings Ltd, a fine watch and jewelry retailer in the United Kingdom. The deal, expected to close this fall, is valued at about US$104.6 million. As part of the deal, Birks struck a five-year distribution agreement with Aurum to sell its products in the United Kingdom. It will also continue to sell products in the United States via Mayor's. Montréal-based Birks will use the sale's proceeds to invest in its brand and Canadian retail operations. Aurum has been owned by U.S. private equity firm Apollo Global Management since 2012.
14 August 2017•5 mins read
