Holland & Knight, Paul Weiss, Advise on $108M Jewelry Chain Deal
Montreal-based Birks Group has sold Mayors Jewelers to U.K.-based Aurum Holdings.
October 24, 2017 at 02:47 PM
16 minute read
A Fort Lauderdale-based Holland & Knight team represented Montreal-based Birks Group Inc. in the $108 million sale of Mayors Jewelers Inc. to a subsidiary of Aurum Holdings Ltd., the largest fine watch and jewelry retailer in the U.K.
A U.K.-based team from Paul, Weiss, Rifkind, Wharton & Garrison represented Aurum Holdings.
The deal, which was with Aurum subsidiary Aurum Group USA Inc., closed Oct. 23. The 107-year-old Mayor's Jewelers chain is headquartered in Sunrise.
The money from the sale was used to pay down most of the Birks Group's outstanding debt under its senior secured facilities. As part of the sale agreement, Birks Brand collections of jewelry will be offered in 16 locations in the U.S. through the Mayor's network, as well as in 14 locations in the U.K.
Aurum Holdings operates more than 130 watch and jewelry stores in the United Kingdom under the names Watches of Switzerland, Goldsmiths, Mappin & Webb, Watchshop, The Watch Hut and The Watch Lab, according to National Jeweler.
Birks also entered into a new credit facility with Wells Fargo for a maximum of approximately $67.1 million. The money will give Birks greater financial flexibility to implement the next phase of its strategic plan, which includes the renovation of its Canadian flagship stores, new store concepts and e-commerce and wholesale activities.
Tammy Knight
Holland & Knight partner Tammy Knight in Fort Lauderdale led the team representing Birks Group, with assistance from associates Nicole Maron and Daniel Janovitz.
Paul Weiss London office partner David Lakhdhir and associate Sonia Larsen represented Aurum.
Vendôme Global Partners LLC and Eureka Capital Markets LLC acted as financial advisers to Birks.
A Fort Lauderdale-based
A U.K.-based team from
The deal, which was with Aurum subsidiary Aurum Group USA Inc., closed Oct. 23. The 107-year-old Mayor's Jewelers chain is headquartered in Sunrise.
The money from the sale was used to pay down most of the Birks Group's outstanding debt under its senior secured facilities. As part of the sale agreement, Birks Brand collections of jewelry will be offered in 16 locations in the U.S. through the Mayor's network, as well as in 14 locations in the U.K.
Aurum Holdings operates more than 130 watch and jewelry stores in the United Kingdom under the names Watches of Switzerland, Goldsmiths, Mappin & Webb, Watchshop, The Watch Hut and The Watch Lab, according to National Jeweler.
Birks also entered into a new credit facility with
Tammy Knight
Vendôme Global Partners LLC and Eureka Capital Markets LLC acted as financial advisers to Birks.
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