The revival of Faberge
A group of investors, led by Pallinghurst Resources, is planning to spend $450 million to restore the Faberge luxury brand, develop a new business to supply colored gemstones, and eventually partner with a leading diamond miner to create a diamond brand.
Pallinghurst has teamed up with Connecticut-based American Metals & Coal International Inc., South Africa-based bank Investec Ltd., and Texas-based private-equity fund NGP Midstream & Resources LPand, to embark on the projects.
The three partners recently paid $50 million for joint ownership of the Faberge brand, which Pallinghurst bought from Unilever in January for an undisclosed amount, through a company it set up in 2006 for that purpose, Faberge Ltd.
(RAPAPORT NEWS)