M&A Deal Summary

TriWest Capital Partners Acquires Spence Diamonds

On July 22, 2025, private equity firm TriWest Capital Partners acquired retailer Spence Diamonds from Lion Capital and IVEST Consumer Partners

Acquisition Highlights
  • This is TriWest Capital Partners’ 2nd transaction in the Retail sector.
  • This is TriWest Capital Partners’ 51st transaction in Canada.
  • This is TriWest Capital Partners’ 9th transaction in British Columbia.

M&A Deal Summary

Date 2025-07-22
Target Spence Diamonds
Sector Retail
Buyer(s) TriWest Capital Partners
Sellers(s) Lion Capital
IVEST Consumer Partners
Deal Type Secondary Buyout
Advisor(s) Origin Merchant Partners
Consensus (Financial)
Blake, Cassels & Graydon (Legal)

Target

Spence Diamonds

Vancouver, British Columbia, Canada
Spence Diamonds is a vertically integrated diamond bridal jewelry retailer. Spence Diamonds was founded in 1978 and is based in Vancouver, British Columbia.

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Buyer(S) 1

Buyer

TriWest Capital Partners

Calgary, Alberta, Canada

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1998
PE ASSETS 1.7B CAD
Size Large
Type Sector Agnostic
DESCRIPTION

TriWest Capital Partners is a Canadian private equity firm focused on investments in established companies operating in a variety of industries. Broad areas of interest include the distribution, manufacturing, and service sectors. TriWest targets mid-sized, profitable companies with EBITDA of $10 to $100 million. Prospective transaction types include management buyouts, growth capital financings, generational transfers, corporate divestitures, and special situations. TriWest will not invest in real estate, technology and primary resource development. TriWest Capital Partners was formed in 1998 and is based in Calgary, Alberta.


DEAL STATS #
Overall 54 of 54
Sector: Retail M&A 2 of 2
Type: Secondary Buyout M&A Deals 5 of 5
State: British Columbia M&A 9 of 9
Country: Canada M&A 51 of 51
Year: 2025 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-11-01 Alta West Capital

Calgary, Alberta, Canada

Alta West Capital is a provider of mortgage investment opportunities to investors. It invests in shorter-term mortgages to homeowners and real estate investors who often require faster execution and more flexible terms than offered through traditional solutions. Alta West Capital was formed in 1991 and is based in Calgary, Alberta.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2025-09-03 FRPD

New Westminster, British Columbia, Canada

FRPD is a provider of marine construction and dredging services. FRPD is a marine construction and dredging contractor with operations mainly in Western Canada and the Northwest Territories. FRPD was founded in 1911 and is based in New Westminster, British Columbia.

Sell $82M

Seller(S) 2

SELLER

Lion Capital

London, United Kingdom

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2004
PE ASSETS 4.3B EUR
Size Mega
Type Sector Focused
DESCRIPTION

Lion Capital LLP is a specialist private equity firm focused on consumer-oriented opportunities throughout Europe and North America. Specific areas of interest include apparel, accessories, luxury goods, food, and specialty retail. Lion Capital LLP was formed in 2004 and is based in London. The Firm has an additional office in New York City.


DEAL STATS #
Overall 25 of 25
Sector: Retail M&A 4 of 4
Type: Secondary Buyout M&A Deals 7 of 7
State: British Columbia M&A 1 of 1
Country: Canada M&A 1 of 1
Year: 2025 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-08-16 AX Beauty Brands

Los Angeles, California, United States

AX Beauty Brands offers both beauty and personal care incubation under one roof. With a focus on trend science, it is focused on changing the landscape of brand innovation with a current portfolio of brands including: NatureWell, Found Active, Orlando Pita Play, TXTUR, and Paint & Petals. AX Beauty Brands was founded in 2009 and is based in Los Angeles, California.

Sell -
SELLER

IVEST Consumer Partners

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2013
PE ASSETS 500M USD
Size Small
Type Sector Focused
DESCRIPTION

IVEST Consumer Partners is a specialist private equity investor focused on acquiring and investing companies operating in the consumer products and retail sectors. The Firm looks to commit $25 to $125 million per transaction and will consider opportunities throughout North America. IVEST has offices in Los Angeles and Vancouver.


DEAL STATS #
Overall 1 of 1
Sector: Retail M&A 1 of 1
Type: Secondary Buyout M&A Deals 1 of 1
State: British Columbia M&A 1 of 1
Country: Canada M&A 1 of 1
Year: 2025 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-08-30 Cloudco Entertainment

Cleveland, Ohio, United States

Cloudco Entertainment develops multi-platform entertainment franchises across all media channels and extensive consumer merchandising programs that immerse children and adults in brands they love. Cloudco Entertainment is based in Cleveland, Ohio.

Buy -