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RAPAPORT... Private equity firm Lion Capital LLC agreed to buy retailer Spence Diamonds Ltd. of Canada for an undisclosed sum, according to the equity fund's statement. The retailer, founded in 1986, sells custom-made engagement rings and currently operates seven locations. Lion Capital partnered with IVEST Consumer Partners, a Vancouver-based retail investor and operator, which will bring "seasoned operating executives" George Jones and Jim Schneider to lead the jeweler. IVEST vowed to buy a minority investment in Spence Diamonds, as will the jeweler's current CEO, Sean Jones, who will also remain on the board. Though the terms of the deal have not been disclosed, insiders told Fortune Magazine that the deal was allegedly valued at $125 million. 
Over the years, Spence Diamonds became known for creating a "distinctive position" in Canada's jewelry space by offering a very personalized approach with customers and, according to Lion Capital, it generated "exceptional financial performance over the past decade." The investors expect to extend the geographic reach of Spence Diamonds.
Eric Lindberg, a partner of Lion Capital, said, “Sean and his team have done an outstanding job of successfully establishing the Spence franchise. We look forward to supporting the continued growth of this distinctive retailer, which we believe delivers a unique proposition within the Canadian jewelry sector. Lion’s deep expertise in successfully driving the rollout of strong branded retail concepts will be critical to supporting Spence’s continued growth through the next phase of its development in new markets.”
Jones concluded, "I could not be more pleased about having Lion Capital lead Spence Diamonds in its next chapter of growth. By building our business, we will be able to create many more opportunities to support our customers and team members in achieving their dreams. I thank every member of the Spence team for their ongoing commitment to excellence and the difference they makes in people's lives."
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