Lucardi finds new partner in Mentha Capital

7 November 2018

Mentha Capital will acquire a majority stake in Lucardi, the largest jewelry retail chain in the Netherlands. In partnership with Mentha and co-investor Mr. Ayad Al Saffar, Lucardi aims to further grow its store network and expand its online activities.

Lucardi was founded in 1985 and has grown into the largest jewelry retail chain in the Netherlands. In over 100 stores a wide range of gold and silver jewelry, watches and accessories are sold for every budget at affordable prices. The passion and commitment of over 500 employees ensure valued services are delivered to millions of customers every year. Over the years the traditional store network has been complemented by a successful online platform. As an established omni-channel retailer in the Netherlands, Lucardi sees clear opportunities in expanding abroad.

Mentha Capital invests in well-established, medium-sized profitable companies in the Benelux that have clear potential for expansion through organic growth, expansion into new markets and acquisitions. The current owner Mr. Ayad al Saffar will retain his position as a significant shareholder in Lucardi and will remain active in his strategic advisory role. Mr. Al Saffar is also the owner of the successful Swedish retail chain Ur & Penn, focused on the broader watches and fashion jewelry segment.

Theo Koomen, CEO of Lucardi: “Last year, Lucardi started expanding its store network with the aim to add another 30 stores as we still see a lot of room to grow in the Netherlands. We feel Mentha can assist us with the realization of this plan and together we will be able to grasp international opportunities that lie ahead. This partnership uniquely combines retail knowledge and experience with execution of growth strategies, while ensuring stable development and further professionalization of our organization.”

Barend Rutten, Investment Director at Mentha Capital: “We are impressed by Lucardi’s successful omnichannel strategy executed so far and are convinced that the company is able to strengthen and expand its niche position in the fast-changing retail market. We look forward to actively supporting Lucardi in its next phase of development.”