Lucardi said that together with Mentha Capital and co-investor and current owner, Ayad Al Saffar, it aims to further expand its store portfolio and online activities. Al Saffar will keep his position as a significant shareholder in Lucardi and will remain active in a strategic advisory role.Theo Koomen, CEO at Lucardi, commented in a press release: “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, added: “We are impressed by Lucardi’s successful omni-channel 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.”The parties expect completion of the transaction at the end of 2018, which is subject to customary closing conditions.Lucardi was founded in 1985 and has grown into the largest jewelry chain in the Netherlands. The retailer operated more than 100 stores across the country and employs over 500 people. In 2015, Lucardi launched a web store in Belgium and Germany. In addition to Lucardi, Al Saffar is also the owner of the Swedish watches and jewelry retailer Ur & Penn.Amsterdam-based Mentha Capital invests in well-established, medium-sized profitable companies based in the Benelux that have clear potential for expansion through organic growth, expansion into new markets and acquisitions. Its portfolio includes: private label manufacturer, Jomo Fashion; online children’s clothing retailer, Kleertjes.com; and interior brand, Light & Living.