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Signet Jewelers Raises US$ 625 Mn Via Strategic Partnership with Leonard Green & Partners

Aug 26, 2016

Signet Jewelers Limited announced today that Leonard Green & Partners, L.P. (LGP), a leading private equity firm, will invest US$ 625 million in the form of convertible preferred shares, through its affiliate Green Equity Investors VI, L.P.

Once the transaction is through, Signet’s Board authorised share repurchase programme will increase by US$ 625 million, and total authorisation will amount to US$ 1.1 billion.

“Signet will use the proceeds from the LGP investment to fund a repurchase of up to US$ 625 mn in common stock either in the open market or through privately negotiated transactions,” the Company declared in a press release. “In conjunction with this transaction, Signet will expand its Board of Directors from ten to eleven and appoint Jonathan Sokoloff to the Signet Board upon the closing of the transaction, which is expected to occur in the third quarter of FY 2017.”

Mark Light, Chief Executive Officer of Signet Jewelers, commented: “We are very pleased to announce this strategic partnership with Leonard Green, one of the most experienced and successful investors in the retail industry. For more than 25 years, Leonard Green has successfully partnered with some of the best known companies in the retail sector and worked to create significant shareholder value. We view Leonard Green’s significant investment in Signet as a strong vote of confidence in our business and its long term growth prospects.”
 

Jonathan Sokoloff said: “Signet Jewelers is an outstanding company – an innovator in its industry with some of the world’s most recognizable store banners and jewelry brands. We are pleased to make this investment and look forward to our partnership with the Board and management team.”

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