Paris, 25 January 2021 – Following majority shareholder Bridgepoint's decision to sell its holding in THOM Group, Altamir and the Funds managed by Amboise Partners SA will sell their stake in the company, which should generate proceeds of approximately €104 million for Altamir's share.
At the same time, Altamir has decided to acquire all of the shares of the THOM Group's holding company, together with the management team and new shareholders. Altamir will invest €100 million directly in the new entity, thereby becoming THOM Group's largest shareholder.
The transaction is to be finalised in March 2021 once the employee representative bodies of the companies concerned have been informed and consulted.
With this direct investment, Altamir implements for the first time the evolution in its NAV growth strategy presented in 2018 at the time of Amboise's takeover. As a reminder, Altamir's primary strategy is to invest via and alongside the Funds managed by Apax Partners, while the purpose of the change announced in 2018 is to use its evergreen status to invest with a longer time horizon than traditional private equity Funds when a company presents a growth and value-creation potential that is still very significant.
With a network of more than 1,000 stores, THOM Group is one of the leading jewellery chains in Europe. THOM Group was formed in 2010 through the merger of the sector's two leaders, Histoire d'Or and Marc Orian. The Group operates in France, Italy, Germany and the Benelux countries under four principal banners: Histoire d'Or, Marc Orian, Stroili and Oro Vivo. Altamir intends to continue supporting the Group's growth and the transformation underway since 2010, by strengthening international positions, digitalising the business model – with a ramp-up in e-commerce – and developing a store network operating on the principle of affiliate marketing.
At the close of the transaction, Altamir will have only one remaining investment in its historical portfolio, alongside the Apax France VII Fund (renamed Aho20).
Altamir is a listed private equity company (Euronext Paris-B, ticker: LTA) founded in 1995 and with an investment portfolio of more than €1.2bn. Its objective is to provide shareholders with long-term capital appreciation and regular dividends by investing in a diversified portfolio of private equity investments.
Altamir's investment policy is to invest via and with the funds managed by Apax Partners SAS and Apax Partners LLP, two leading private equity firms that take majority or lead positions in buyouts and growth capital transactions and seek ambitious value creation objectives.
In this way, Altamir provides access to a diversified portfolio of fast-growing companies across Apax's sectors of specialisation (TMT, Consumer, Healthcare, Services) and in complementary market segments (mid-sized companies in continental Europe and larger companies in Europe, North America and key emerging markets).
Altamir derives certain tax benefits from its status as a SCR ("Société de Capital Risque"). As such, Altamir is exempt from corporate tax and the company's investors may benefit from tax exemptions, subject to specific holding-period and dividend-reinvestment conditions.
For more information: www.altamir.fr
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