Investcorp, a provider and manager of alternative investment products, is to acquire Scandinavia's luxury retailer Georg Jensen for USD140m from private equity group Axcel Capital Partners.

As part of this transaction, Investcorp has teamed up with David Chu, the luxury brand entrepreneur and founder of Nautica, who will join the company on closing as chief creative director and co-chairman of the board.

Also joining the board on closing will be Guy Leymarie, former chief executive officer of DeBeers Diamond Jewellers, Cartier International and Dunhill.

Georg Jensen designs, manufactures and distributes jewellery, watches, fine silverware and high-end homeware.

Hazem Ben-Gacem, head of Investcorp's European corporate investments activities, says: "We are pleased to be entrusted with taking Scandinavia's pre-eminent luxury brand to a global level. We believe that in partnership with the current solid management team, led by Ulrik Garde Due, and luxury retail legend David Chu, Georg Jensen stands to become one of the leading hard luxury brands in the 21st century, leveraging on an over 100 year brand legacy and a unique Scandinavian design DNA that stems from the early work of Mr Georg Jensen himself."

Ulrik Garde Due, chief executive of Georg Jensen since 2007, says: "We are delighted to be working with Investcorp, which has an unrivalled experience of building luxury brands. Investcorp's commitment to developing the brand will ensure we are able to further strengthen Georg Jensen's position globally as the leading Scandinavian luxury lifestyle brand."