Denmark's largest private equity fund Axcel has acquired a 60% stake in Danish jewellery manufacturer Pandora for an undisclosed sum. Pandora's core product is bracelets with charms in precious metals and gemstones which can be combined in countless combinations. The bracelets were launched in 2000 and are one of the main contributors to the company's surging sales – revenues have doubled each year since 2000.
"Pandora is Denmark's best kept secret," commented Christian Frigast, managing partner of Axcel, in a press release. "The Pandora team has been exemplary in exploiting market opportunities over the past seven years. The result is a very successful company both regarding earnings and growth, with more than 90% of revenues being generated outside Denmark."
The remaining 40% stake in Pandora will be owned by Per and Winnie Enevoldsen who founded the company, their son Christian Enevoldsen, and a number of managers.
"Pandora has reached a size where we need new owners with new competences on board," said Per Enevoldsen. “We need additional professional resources at management level to further develop and exploit the company's full potential. We have chosen to enter collaboration with Axcel which has the managerial resources, industry know-how and experience with retail trade that we need."
Pandora's products are designed and developed in Denmark, while production is carried out in Thailand. The jewellery is sold in approx. 7,000 stores in 20 countries. In 2007, Pandora was judged 'Entrepreneur of the Year' in Denmark because of its unique concept and impressive results.