Partners Group is selling its shares in Tous, nine years after its founding. After exploring the possibilities for several months, the company will buy back the 22.5% stake held by the Swiss fund, so that it will once again be 100% controlled by the Tous family. On the path of relationship, The Catalan jeweler went from 272 million invoices to 477 million sales, from 28 million earnings to 50 million euros.
Thus, the company is implementing its new GEM strategic plan without a capital investment vehicle, focusing on international expansion and growth of digital sales in markets such as Mexico and the USA. CEO Carlos Soler-Duffo, who is outside the family, will continue to run the company.
Although the purchase prices have not been announced yet, It is claimed in the sector that the amount exceeds 200 million euros Compared to the 130 million Partners Group paid in 2015. The jeweler has no debt and had reserves of 193 million at the end of 2023. Therefore, although Tous prioritizes continuing without liability, it has a way to finance the operation distributed between equity and debt.
According to the 2023 accounts, the senior management had also planned a bonus that would vary depending on the valuation increase the Swiss fund achieved during the share sale.
Partners Group’s departure has been speculated for more than a yearA rumor that took shape after Tous hired Rothschild to examine options. The Swiss fund had already been in the capital for eight years at that time. At the latest results presentation in April, Soler-Duffo highlighted the good relations between the investor and the family, but acknowledged that her departure would have to happen sooner rather than later.
“By analyzing the type of partner, their accent and the profile they have, we have a lot of options on the table – they declined the IPO,” he said. He also offered his hand to buy back a 22.5 percent stake for the family, but said that in his opinion, the reasons that led him to open the capital of the Catalan saga remain.
Tous’ transformation in nine years
It is true that the company he heads has taken steps to professionalize its corporate management in this journey by creating a board of directors with 10 members, 4 of which are independent.
In parallel, the organization managed to clearly reach pre-pandemic levels and achieve a turnover of 477 million and a profit of 50 million in 2023, from 395 million in sales and 30 million in profits in 2019. It aimed to reach 500 million in 2024. Although there was not a huge expansion in turnover. Entering new countries, With the opening of markets such as England, France or ItalyIt will be addressed starting from 2027.
