Birks Group Inc. has completed the sale of its subsidiary, Mayor’s Jewelers, Inc. to Aurum Group USA, Inc., a subsidiary of Aurum Holdings.
The cost of the acquisition is confirmed at approximately $108 million.
Buying Mayor’s gives Aurum Holdings a significant platform for growth in the United States. Along with a chain of 17 prestige jewellers in Florida and Georgia, Mayor’s also has a headquarters and modern logisitics hub.
“We are delighted to complete the transaction of Mayors by the Aurum Group. We now enter into a period of transition where we will be liaising closely with the Birks team and we look forward to welcoming 326 members of the Mayors team to the Aurum family,” says Brian Duffy, chief executive of Aurum Holdings.
“This announcement follows our announcement to open a flagship Watches of Switzerland store in Hudson Yards NYC and confirms the ambition of our group to be an important part of the Swiss watch market in the USA.”
Aurum Holdings is owned by global private equity giant Apollo Global Management, which is thought to be in the final stages of selling the business.
The growth potential for Aurum in the United States is a significant selling point for any future owner.
Adding Mayor’s to Aurum Holdings’ UK operations turns it into an international business with turnover this year of around $1 billion, according to Mr Duffy.