TRIWEST CAPITAL PARTNERS ANNOUNCES PARTNERSHIP WITH SPENCE DIAMONDS
Calgary, Alberta – July 22, 2025 — TriWest Capital Partners (“TriWest”) is pleased to announce that it has partnered with Spence Diamonds Ltd. (“Spence” or the “Company”) through the completion of a majority equity investment in the Company alongside existing management, who will continue to lead the business. Spence is a vertically integrated diamond bridal jewelry retailer operating eight Canadian showrooms across Alberta, BC, and Ontario. Spence is TriWest’s second platform investment in the $325MM(1) TriWest Mid-Market Fund VI (“Fund VI”).
Established in 1978 and based in Vancouver, BC, Spence has been a leader in the Canadian bridal jewelry market for over 40 years, with strong brand recognition and a longstanding history in the Company’s core Canadian markets. Spence is differentiated from traditional jewelry retailers as a result of the Company’s business model which primarily focuses on bridal jewelry, leverages a vertically integrated supply chain, and utilizes an open-showcase / prototype-based showroom – resulting in a superior buying experience. The Company was a leader in bringing Artisan Created Diamonds (i.e. lab-grown) to the Canadian market, with over 2,800 unique engagement ring styles, offered with both mined and Artisan Created Diamonds, proudly made-to-order in Vancouver. For more information on Spence, please visit: https://www.spencediamonds.com
“TriWest is very excited to partner with Callum and the rest of the management team on further supporting a leading Canadian bridal jewelry brand. Spence is well-established in its core markets and we look forward to partnering with management as they continue to execute on their strategic growth initiatives”, said Ryan Giles, Senior Managing Director at TriWest. Duncan Adams, Managing Director at TriWest, added, “TriWest believes Spence offers a unique value proposition, with the Company’s vertically-integrated / made-to-order model allowing Spence to provide an exceptional buying experience and high-quality diamonds to customers across Canada at competitive prices.”
Callum Beveridge, CEO of Spence said, “We are thrilled to partner with TriWest on this transaction, allowing Spence to continue our focus on changing the diamond buying experience and providing the highest-quality, one-of-a-kind diamond engagement rings to Canadians. We look forward to leveraging TriWest’s expertise, and our shared values to continue growing Spence as a leader in the Canadian bridal jewelry market.”
Burnet, Duckworth & Palmer LLP and Ernst & Young LLP advised TriWest on this transaction, while Blake, Cassels & Graydon LLP, Origin Merchant Partners, and Consensus Advisors LLC advised Spence.
About TriWest Capital Partners
Founded in 1998 and based in Calgary, Alberta, TriWest is one of Canada’s leading private equity firms, having raised over C$1.7 billion in committed capital through seven funds. TriWest has successfully invested in 51 companies across a broad cross-section of the economy in partnership with their management teams. We work closely with our management partners, together proactively putting in place a strategy that maximizes growth potential and value creation by emphasizing operational excellence, prudent governance and an efficient capital structure. The principals of TriWest have significant operational and financial expertise, making us effective partners in creating shareholder value. For more information on TriWest, please visit: http://www.triwest.ca
Contact:
TriWest Capital Partners
Dino DeLuca
Chief Operating Officer
Tel: (403) 817-9665
Email: ddeluca@triwest.ca
(1) Including C$25 million of commitments from TriWest Opportunities Fund Manitoba which has sourced committed capital from Manitoba First Fund.