M&A Deal Summary

Signet Jewelers Acquires Blue Nile

On August 9, 2022, Signet Jewelers acquired e-commerce company Blue Nile from Bain Capital Private Equity and Goldman Sachs Merchant Banking for 360M USD

Acquisition Highlights
  • This is Signet Jewelers’ 1st transaction in the E-Commerce sector.
  • This is Signet Jewelers’ 3rd largest (disclosed) transaction.
  • This is Signet Jewelers’ 6th transaction in the United States.
  • This is Signet Jewelers’ 1st transaction in Washington.

M&A Deal Summary
Date 2022-08-09
Target Blue Nile
Sector E-Commerce
Buyer(s) Signet Jewelers
Sellers(s) Bain Capital Private Equity
Goldman Sachs Merchant Banking
Deal Type Add-on Acquisition
Deal Value 360M USD

Target

Blue Nile

Seattle, Washington, United States
Blue Nile is an online retailer of diamonds and fine jewelry. Blue Nile offers a customer experience that includes education, guidance, selection, customization capability, convenience and value. Blue Nile, Inc. was formed in 1999 and is headquartered in Seattle, Washington.

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Buyer(S) 1

Buyer

Signet Jewelers

Hamilton, Bermuda
Category Company
Sector Retail
Employees27,991
Revenue 7.2B USD (2024)
DESCRIPTION

Signet Jewelers is engaged in the retail sale of jewelry and watches in the United States, the United Kingdom, the Republic of Ireland, and the Channel Islands. Signet Jewelers is based in Hamilton, Bermuda.

DEAL STATS #
Overall 7 of 7
Sector (E-Commerce) 1 of 1
Type (Add-on Acquisition) 6 of 6
State (Washington) 1 of 1
Country (United States) 6 of 6
Year (2022) 1 of 1
Size (of disclosed) 3 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-11-18 Diamonds Direct

Charlotte, North Carolina, United States

Diamonds Direct offers loose and mounted diamonds, a multitude of engagement ring mountings by designers, diamond and gemstone fashion jewelry, wedding bands, pearls, and much more. Diamonds Direct was formed in 1995 and is based in Charlotte, North Carolina.

Buy $490M

Seller(S) 2

SELLER

Bain Capital Private Equity

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1984
PE ASSETS 44.2B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Bain Capital Private Equity (BCPE), is the private equity investment arm of alternative asset management firm, Bain Capital. BCPE targets leveraged buyout and growth capital transactions in a wide variety of industries including information technology, communications, media, healthcare, industrial/manufacturing, retail/consumer, and financial services. Bain Capital is based in Boston with additional offices in New York, London, Mumbai, Hong Kong, Shanghai, Tokyo, and Munich.

DEAL STATS #
Overall 138 of 147
Sector (E-Commerce) 2 of 2
Type (Add-on Acquisition) 40 of 40
State (Washington) 4 of 4
Country (United States) 84 of 85
Year (2022) 3 of 5
Size (of disclosed) 36 of 44
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-07-21 Merchants Fleet

Hooksett, New Hampshire, United States

Merchants Fleet is a fleet management company, enabling the movement of people, goods, and services freely and responsibly. From flexible funding, fleet acquisition, and fleet management to vehicle remarketing, fleet consulting, fleet electrification, and the power of cloud-based fleet management platform TotalView, Merchants serves as a single source for all fleet and mobility needs across more than 20 unique industries. Merchants Fleet was founded in 1962 and is based in Hooksett, New Hampshire.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-08-29 Evident

Tokyo, Japan

Evident is a manufacturer of microscopes for life science and industrial applications, videoscopes for remote visual inspection and non-destructive test equipment. Evident is based in Shinjuku-ku, Japan.

Buy -
SELLER

Goldman Sachs Merchant Banking

New York, New York, United States
Category Private Equity Firm
Founded 1986
PE ASSETS 155.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Goldman Sachs Merchant Banking Division is the investment arm of Goldman Sachs. The primary corporate investment group within the Merchant Banking Division is Goldman Sachs' direct investment arm. GS's direct investment arm consists of GS Capital Partners, GS Mezzanine Partners, and GS Growth Partners. GS Capital Partners is the direct corporate equity investment group which seeks LBO, recapitalization, and growth investments to help fund acquisitions, expansions, recapitalizations, restructurings, buyouts, and take privates. GS Capital Partners looks to invest between $50 and $800 million in opportunities in North/South America, Europe, Asia. GS Mezzanine Partners is the junior capital arm of Goldman Sachs. GS Mezzanine looks to invest between $200 million and and $800 million in transactions valued up to $10 billion. Investment proceeds are used to fund leveraged buyouts, expansion financings, recapitalizations, acquisitions, and restructurings. GS Growth looks to invest in growth equity transactions. The unit seeks to commit $20 to $200 million per investment. Other units within GS's merchant banking division include Real Estate, Infrastructure, and Urban Investments. Goldman Sachs Merchant Banking Division is based in New York City.

DEAL STATS #
Overall 108 of 110
Sector (E-Commerce) 1 of 1
Type (Add-on Acquisition) 36 of 37
State (Washington) 2 of 2
Country (United States) 77 of 78
Year (2022) 4 of 4
Size (of disclosed) 25 of 32
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-06-27 Clear Group

London, United Kingdom

Clear Group is an independent insurance broker with over 30,000 clients and handling over £100m of premiums. It is focused on the UK corporate and SME market and has strong expertise in niche insurance verticals including property and construction. Clear Group was formed in 2006 and is based in London.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-05-23 LeasePlan

Amsterdam, Netherlands

LeasePlan is a global provider of automotive fleet management and driver mobility services. Leaseplan operates in 32 countries and manages a fleet of over 1.55 million vehicles representing a total asset value of €21.4bn. LeasePlan was founded in 1963 and is based in Amsterdam, Netherlands.

Sell €4.9B
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