Spence Diamonds Gets New Private Equity Owner

By Rob Bates | July 25, 2025

TriWest Capital Partners has purchased a majority stake in eight-store Canadian chain Spence Diamonds from previous owner Lion Capital.

No financial information was disclosed.

Existing management, including CEO Callum Beveridge, has also taken a stake in the company and will continue to lead it, said a TriWest statement.

Founded in 1978, Spence is known for its “brass and glass” open showcase model. It specializes in bridal jewelry and sells a lab-grown line called Artisan Created Diamonds.

“We look forward to partnering with management as they continue to execute on their strategic growth initiatives,” Ryan Giles, senior managing director at TriWest, said in a statement.

Lion Capital and Ivest Consumer Partners purchased Spence in 2015. Both firms no longer have a stake in the company.

Spence has tried several times to enter the U.S. market. In 2020, it closed its U.S. stores, and Beveridge said that would likely be its “last attempt” to enter America.

Photo courtesy of Spence Diamonds