Patrimoine Vivant, Mirabaud's private equity vehicle focused on 'living heritage' companies, has taken a stake in Parisian jeweller Mauboussin, alongside the Galeries Lafayette group, which will become the majority shareholder, and Alain Némarq, a major shareholder who has led the company since 2002.
Mauboussin was founded in 1827, and been led by successive generations of the founding Mauboussin family. Current CEO Alain Némarq expanded the business, which is said to fit well the objectives of Mirabaud's investments in classic French and European luxury businesses. Approval of the investment is pending from the French Competition Authority.
Lionel Aeschlimann, managing director of Mirabaud and head of Asset Management, said: "The Mirabaud Group, whose first private equity fund is focused on living heritage companies, is delighted to be working with dynamic entrepreneurs through this change in Mauboussin's shareholder structure. The Galerie Lafayette group is a key player in the luxury and lifestyle market and we are confident that Mauboussin will take full advantage of what its new shareholders can offer."
Renaud Dutreil, head of private equity at Mirabaud Asset Management, added: "Following our investment in Le Coq Sportif, one of the oldest sports goods brands in France, our commitment to Mauboussin shows our confidence that French firms with roots in our history can innovate and expand internationally. We are equally delighted to work with the Galeries Lafayette group, which has successfully brought a host of French brands to a wider international clientele, and to underline our confidence in Alain Némarq, a key player in Mauboussin's growth."