CVC emerges as frontrunner for stake in jeweller APM Monaco

CVC Capital Partners is in discussions to acquire a stake in international jewellery retailer APM Monaco from private equity firm TPG in a deal in a transaction that could value the business at more than $2bn, according to a report by Bloomberg.

The reports cites unnamed people familiar with the matter as highlighting that while CVC has emerged as the leading contender in the sale process, several other private equity firms are also understood to have expressed interest. Discussions remain ongoing and there is no certainty that a transaction will be completed.

TPG has been exploring strategic options for APM Monaco for some time, including a partial sale or a public listing. Market sources previously indicated that the firm was seeking a valuation of at least $2bn for the business.

The US-based private equity firm originally invested in APM Monaco in 2019, when a consortium led by TPG acquired a 30% stake in the company. The investor group also included European investment firm Trail and China Synergy, with the acquisition completed through TPG’s Asia-focused private equity platform.

Founded in Monaco, APM Monaco has expanded into an international jewellery brand with a retail network of approximately 500 stores worldwide.

The company previously sought to list its shares in Hong Kong, filing for an initial public offering in 2021. However, the proposed flotation did not proceed.

If completed, the deal would represent another significant secondary private equity transaction as sponsors increasingly look to realise value through stake sales to rival buyout firms amid a still-selective IPO market.