News

PCS2 and PCS3 committed to a follow-on investment to Aurum

19th October 2017

Permira Debt Managers (“PDM”) announces that direct lending funds Permira Credit Solutions II (“PCS2”) and Permira Credit Solutions III (“PCS3”) acted as senior secured lender to provide additional capital to Aurum, the largest luxury watch and jewellery retailer in the UK. The company operates through four distinctive brands: Watches of Switzerland, Mappin & Webb, Goldsmith and the Watch Shop. Aurum has a well-defined and established presence within the luxury segment, representing some of the world’s most prestigious brands such as Rolex, Patek Phillipe and Cartier.

The transaction further supports the acquisition of Mayors, a watch and jewellery retailer with a network of 17 stores across Florida and Georgia. The acquisition helps to diversify revenues and fulfil growth ambitions in the US.

This was a primary transaction as part of a club of lenders, with the PCS funds acting as lead arrangers of the facility. The transaction was originated through a strong ongoing relationship with the sponsor, Apollo.