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China’s Fosun Buys 80% of IGI
Sep 13, 2018 3:42 AM
By Rapaport News
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RAPAPORT... Chinese corporate giant Fosun has agreed to buy an 80%
stake in the International Gemological Institute (IGI), the grading laboratory
said Wednesday.
“The interest of this large conglomerate to invest in IGI
shows the confidence it has in our industry,” said Roland Lorie, IGI’s CEO. “As
demand for certification increases, the investment…will significantly
accelerate our core business, offering and presenting many new opportunities
all over the globe.”
Fosun will implement the acquisition through Yuyuan, its
holding company for the consumer sector, IGI explained. The Lorie family will
retain a 20% interest, with Roland Lorie still managing the company. Marc
Brauner, who was previously Lorie’s co-CEO, has left IGI after 30 years with
the group. The parties did not release any further financial details.
Antwerp-based IGI, founded in 1975, operates 23
laboratories and schools around the world. Fosun is one of China’s largest
corporations, spanning the financial, health-care, pharmaceuticals, consumer,
real-estate, mining and energy industries, with Club Med and Cirque du
Soleil among the brands it owns. It bid to acquire Gemfields last year,
but lost out to Pallinghurst Resources.
“IGI has built great fundamentals and human capital over
the years, with highly respected expertise and input from both the Lorie
and Brauner families,” said Xu Xiaoliang, executive
director and copresident of Fosun and chairman of Yuyuan. “We believe IGI
is well positioned to bring its gemological knowledge and expertise to emerging
markets, including China.”
Image: An IGI laboratory. Credit: IGI
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Tags:
China, Cirque du Soleil, Club Med, Fosun, Gemfields, grading, IGI, International Gemological Institute, Marc Brauner, Pallinghurst Resources, Rapaport News, Roland Lorie, Xu Xiaoliang, Yuyuan
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