65 Equity Partners, a global investment firm backed by Singapore’s state-owned investor Temasek, has acquired a minority stake in lifestyle and accessories brand Kendra Scott Designs Inc.
The announcement did not disclose the financial details of the acquisition. 65 Equity Partners said Kendra Scott, the brand’s founder, will continue to hold the majority stake in the company she founded in 2002.
The acquisition was also backed by HPS Investment Partners and Belsberg & Co, which co-invested alongside 65 Equity Partners to support Kendra Scott’s global expansion, per the announcement.
Based in Austin, Texas, the lifestyle brand offers fashion, semi-fine and fine jewellery, watches, engagement rings, fragrances, home accessories, and a men’s collection called Scott Bros by Kendra Scott.
The company has more than 2,600 employees and a network of more than 130 namesake experiential stores and pop-up locations, wholesale partners, and about 850 specialty boutiques.
“65 Equity Partners will allow our brand to grow while staying true to our mission,” said Kendra Scott, the company’s founder & executive chairwoman.
Under this new partnership, Kendra Scott will open new stores, collaborate with culturally relevant partners, and expand into crucial categories in the upcoming years, according to the announcement.
“We are thrilled about the opportunities this partnership brings and are confident in the brand’s continued expansion and growth,” said Tom Nolan, CEO of Kendra Scott.
65 Equity Partners provides capital solutions to business owners and management teams. Backed by Temasek, 65 Equity Partners manages $3.3 billion in funds under management.
It invests in family-owned and entrepreneur-led middle-market businesses in Southeast Asia, Europe, and the US across the consumer, industrial, business services, healthcare, and technology sectors.
“Kendra Scott is a leading brand that aligns with our investment philosophy of supporting strong founder-led companies with a clear mission and established market presence,” said Leon Brujis, partner and head of East Coast at 65 Equity Partners.
In July, the firm invested about $74 million in Hi-P International, a Singapore-headquartered manufacturing firm.
