NEW YORK: Private equity firm TPG Inc is considering options for APM Monaco, including a possible stake sale or an initial public offering (IPO) of the jeweller, according to sources.
TPG is working with an adviser and may start a dual-track process early next year, the sources said.
The US investment firm is aiming to fetch a valuation of at least US$2bil for the company in a deal, according to a source.
Deliberations are preliminary and TPG might decide to keep the asset for longer.
A representative for TPG declined to comment.
A TPG-led consortium acquired a 30% stake in APM Monaco in 2019, and in 2021 documents were submitted for a Hong Kong IPO that did not materialised.
The following year, the group started sounding out potential interest in its stake, Bloomberg News reported, though TPG said at the time it didn’t plan to sell.
European private equity firm Trail and China Synergy, an investment firm backed by TPG and China international Capital Corp, were also part of the investor group that bought the stake in APM Monaco six years ago.
APM operates about 500 jewellery stores globally, according to its website. —Bloomberg
