Apollo Global Management has agreed to acquire U.K. jeweler Aurum Holdings Limited, owner of the Watches of Switzerland, Mappin & Webb, and Goldsmiths brands.
The acquisition is expected to close in the first quarter of 2013.
Current chairman Don McCarthy will step down.
Aurum Holdings is considered the United Kingdom’s largest quality jeweler. Goldsmith was founded in 1778 and has 120 stores. Watches of Switzerland was founded in 1924 and has 15 stores. And Mappin & Webb was founded in 1774 and operates 13 stores.
Iceland bank Landsbanki was previously the company’s biggest shareholder.
Apollo already owns Claire’s Stores, a fashion-oriented accessories chain in the United States and Europe.