Content area
Full text
LONDON - Asprey International, newly minted parent of the Asprey and Garrard brands, has sold 100 percent of Garrard to The Yucaipa Cos. LLC for an undisclosed price.
The spin-off comes just three days after the purchase of Asprey and Garrard by Sciens Capital Management LLC and Plainfield Asset Management LLC in a management buyout.
"This deal obviously didn't happen overnight," Gianluca Brozzetti, chief executive of Asprey International, told WWD in an exclusive interview.
"During our refinancing process, we were always seeking the best possible outcome for both brands, financially and management-wise," added Brozzetti, referring to his months-long hunt for additional financing for the brands. "Both Asprey and Garrard needed to be restored to their natural state."
The sale to Yucaipa marks the final division of Asprey and Garrard, both prestigious, high-end British jewelers founded in the 18th century. In 1998, the brands were joined - with much fanfare, including a wedding cake and party guests dressed in white - under former owner Prince Jefri Bolkaih, the younger brother of the Sultan of Brunei. Prince Jefri wanted to create a British luxury goods powerhouse, but it never really worked.
"The two brands were put together for tactical, rather than strategic, reasons, and they should not have been together," said Brozzetti.
"That's why we...