Firm Goes for the Gold With Aurafin Buyout –

Norwest Equity Partners in late January put down $20 million in equity to complete a recapitalization of gold jewelry distributor Aurafin Corp.

The total transaction value was $108.5 million, with Bank Boston leading a syndicate of lenders who provided senior debt financing.

Aurafin, based in Sunrise, Fla., distributes gold jewelry to retail chains and department stores. Revenue information was not disclosed. ING Baring Furman Selz LLC advised Aurafin on the transaction.

Tim DeVries, a partner at Norwest, said his firm will grow the company through acquisitions and internal initiatives. He said Aurafin’s business would not be affected by fluctuations in the price of gold.

Equity for the transaction came from Norwest’s $300 million sixth fund. The firm is preparing to launch a new fund, although Mr. Devries would not provide details.