Catterton Partners is buying a majority stake in jewelry company John Hardy, including a stake from private equity firm 3i Group plc.
John Hardy, headquartered in Abiansemal-Badung, Bali, is a jewelry brand known for Asian-inspired designs and handmade accessories. The products are sold globally, including in the U.S., China, Indonesia, Japan and the U.K.
3i invested in the company in 2007. The London firm is selling Catteron its 22.4 percent stage for £26 million (U.S. $44 million). The sale represents a 1.9 times return on 3i's initial investment. The firm's other recent deals include the sale of a stake in architecture firm Foster + Partners in June, and the November acquisition of a stake in JMJ Associates, a management consulting firm, for $175 million.
Greenwich, Connecticut-based Catterton focuses on investing in middle market consumer businesses. The firm is currently invested in Flywheel Sports, StriVectin and PetVet Care Centers.
Other recent consumer goods transactions include Change Capital's July investment in Italian luxury linen group Frette, and HanesBrands Inc.'s (NYSE: HBI) acquisition of DBApparel, which makes intimate apparel, for about $544 million in June.