Signet announces $625 million investment from Leonard Green & Partners

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 Signet announces $625 million investment from Leonard Green & PartnersSignet Jewelers Limited, the world’s largest retailer of diamond jewelry, announced that affiliates of Leonard Green Partners, L.P., a leading private equity firm, will invest $625 million in the form of convertible preferred shares.

The proceeds from the LGP investment will be applied by Signet to fund a repurchase of up to $625mm in common stock. Signet will also appoint Jonathan Sokoloff – Managing Partner of Leonard Green Partners, to the Signet Board of Directors increasing the numbers from 10 to 11 when the transaction closes. It is expected the transaction would close in the third quarter of FY 2017, subject to the receipt of customary regulatory approvals.

Mark Light, Chief Executive Officer of Signet Jewelers, said, “We are very pleased to announce this strategic partnership with Leonard Green, one of the most experienced and successful investors in the retail industry. We view Leonard Green’s significant investment in Signet as a strong vote of confidence in our business and its long term growth prospects.”

Todd Stitzer, Chairman of Signet Jewelers, said, “We found in Leonard Green a long term partner who will provide a strong foundation to our shareholder base and will bring additional retail and financial expertise to our Board of Directors to help us further grow and shape the Signet portfolio of brands in a continuously evolving retail landscape.” Jonathan Sokoloff added, “We are pleased to make this investment and look forward to our partnership with the Board and management team.”

As a part of the transaction, Signet is increasing its Board authorized share repurchase program by $625 million, bringing the total authorization to$1.1 billion when combined with the $511 million remaining under the previously authorized repurchase program.



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