Lion Capital and IVEST Consumer Partners acquired the business and assets of Spence Diamonds Ltd. in an all equity transaction. As part of the transaction, the Spence Diamonds Group shareholders will maintain a minority interest in the reconstituted company.
Canada’s premier diamond retailer, Spence Diamonds was founded in 1978 and operates out of seven locations across Canada including Vancouver, Calgary, Edmonton and Toronto.
Lion Capital is a global private equity investor. The firm has offices in London and Los Angeles, focused on consumer products and brands.
IVEST, which sourced the transaction and made a minority co-investment, is a North American private equity investor.IVEST specializes in consumer as well as retail businesses.
Lion and IVEST were advised in Canada by McCullough O’Connor Irwin LLP with a team led by Jonathan McCullough and Lisa Stewart, and including Andreas Heiden, Laura Webb and Lisa Andrews (mergers and acquisitions) and Mia Bacic and Bahar Hafizi (banking and financial services).Spence Diamonds Group was represented by Fasken Martineau DuMoulin LLP with a team led by Gary Ott and including Marcus Turner, Allison MacInnis, Lorene Novakowski, Stephanie Gutierrez, and Stacy Shields.