Private equity firm TPG Inc. is considering options for APM Monaco, including a possible stake sale or an initial public offering of the jeweler, according to people familiar with the matter.
APM Monaco
TPG is working with an adviser and may start a dual-track process early next year, the people said, asking not to be identified discussing private information. The US investment firm is aiming to fetch a valuation of at least $2 billion for the company in a deal, one of the people said.
Deliberations are preliminary and TPG might decide to keep the asset for longer, the people added.
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 never materialized. 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.
TPG had $286 billion in assets under management as of the end of September. The US buyout firm invested in APM Monaco through its Asia-focused private equity platform.
APM operates about 500 jewelry stores globally, according to its website.
