3i Group plc (“3i”), the international investment manager, and funds managed by 3i, have agreed to acquire a majority stake in Christ (“the Company”), a leading retailer for jewellery and watches in Germany. 3i, and funds managed by 3i, are investing approx. €214 million (£166 million) in the Company. This transaction is subject to customary regulatory conditions.

Christ is one of the market leaders in the German jewellery and watch retail sector, focusing on the affordable luxury segment. It employs more than 2,400 staff and has 220 retail outlets throughout the country in both shopping malls and prime city locations. The Company also has a growing
e-commerce platform which was launched in 2010.

The German jewellery and watch market is the largest in Europe and is highly fragmented. Christ’s strong retail brand and affordable luxury position means it is well placed to build on its success to date.

3i will use its experience of the retail sector and its consumer portfolio companies, including Amor, Mayborn and GO Outdoors, to work with Christ on further developing its business. In addition, 3i will draw on its international experience, gained from its investments in Action, the Dutch discount retailer, and Agent Provocateur, the luxury lingerie retailer, to support Christ accessing other high-potential markets via a European store roll-out programme.

Peter Wirtz, Partner and Managing Director of 3i Germany, said:
“Christ is an excellent business which possesses a strong brand, synonymous with affordable luxury in the jewellery and watch sector in Germany. We are very pleased to partner with Dr Bernd Schröder and the rest of the management team to help internationalise this brand and grow the business further.”

Dr Bernd Schröder, Chief Executive Office of Christ, commented:
“We are delighted to partner with 3i, they have an extensive track record in growing businesses within the retail sector and we look forward to working with them closely as we enter this new stage of development and growth for the Company.”

-Ends-

 

For further information, contact:

3i Group plc                             Tel: +44 20 7975 3021
Kathryn van der Kroft              Email: kathryn.vanderkroft@3i.com

Notes to editors:

About 3i Group

3i is a leading international investment manager focused on mid-market private equity, infrastructure and debt management across Europe, Asia and North America. For further information, please visit: www.3i.com.

About Christ

Christ is a German jeweller based in Hagen. The company is a market leader in jewellery and watches in Germany in the mid-to-upper price segment with 220 stores and more than 2,400 employees. In addition to its extensive selection of high-quality jewellery and watches, Christ has launched a number of successful exclusive and private label brands.

As a multi-channel retailer, Christ focuses on its own specialised stores in high street locations and shopping malls, along with flagship stores at airports and prestigious department stores. Moreover, Christ jewellery is marketed via its constantly expanding e-Commerce channel. The company was founded in Frankfurt in 1863.

For more information, visit http://unternehmen.christ.de/

Regulatory information
This transaction involved a recommendation of 3i Investments plc, advised by 3i Germany.