Longreach acquires Japanese jeweller from Baring

The private equity firm buys Primo Japan for $170m and plans to help it sell engagement rings to China's expanding middle class.

Longreach acquires Japanese jeweller from Baring
Longreach put a ring on it

Private-equity firm Longreach said on Saturday it has acquired jewellery chain Primo Japan from peer Baring Private Equity Asia and plans to help it expand in mainland China.

Longreach paid about 20 billion $170 million for Primo Japan including debt, of which about 10 billion was equity, according to an industry source.

Founded in 1999, Primo makes and sells engagement and wedding rings to middle-class customers. Its rings are typically priced about...

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