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Axcel sells further stake in Danish jeweler Pandora

23 May 2014

jewellery-necklace-pearlInvestors including Danish private equity firm Axcel have sold a ten per cent stake in listed jewellery retailer Pandora for around DKK5.2bn ($950m), according to Bloomberg.

Other investors included Pewic Holding and the company’s founding Enevoldsen family, while Danske Bank and Goldman Sachs Group acted as joint bookrunners.

Last year Axcel completed a previous partial exit from Pandora, selling a 15.4 per cent stake alongside the Enevoldsen family.

Founded in 1982 and headquartered in Copenhagen, Pandora employs over 7,300 people worldwide of whom 5,200 are located in Gemopolis, Thailand, where the company manufactures its jewellery. Axcel first invested in 2008 and the company is listed on the Nasdaq OMX Copenhagen stock exchange in Denmark. In 2012, it recorded total revenue of DKK6.7bn (€900m).

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