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 $3,000 to $5,000 each.
The company makes about 90% of its sales in Japan and has been grappling with an aging population in Japan and more women choosing to remain single...