CVC Capital Partners’ CVC Fund VI has agreed to acquire an 80 per cent stake in Breitling, a family-owned manufacturer of Swiss luxury watches.
Financial terms of the transaction have not been disclosed.
As part of the transaction, Théodore Schneider will re-invest for a 20 per cent shareholding in Breitling.
Founded in 1884, Breitling specialises in the development and manufacture of high-performance watches. The employs approximately 900 people and is headquartered in Grenchen, Switzerland. The company operates two manufacturing facilities, one in Grenchen and one in La Chaux-de-Fonds. Breitling watches are sold worldwide in exclusive boutiques and via selected retailers.
“I am convinced CVC is the right partner to elevate Breitling to the next level,” says Schneider, majority owner of Breitling. “CVC’s expertise, track-record and international network will help unlock Breitling’s full potential.”
Alexander Dibelius, managing partner and head of Germany at CVC, says: “Breitling has a proud heritage, high brand awareness, and enjoys an excellent reputation as one of the finest watchmakers in the world. We very much look forward to working with Théodore Schneider as we embark on Breitling’s next chapter of growth.”
“Using our network and expertise, CVC will work to make this global, iconic brand even more renowned and help shape the future of one of Switzerland’s last independent watch manufacturers,” adds Daniel Pindur, senior managing director at CVC. “Specifically, we see significant growth potential for Breitling in both existing and new geographies by driving the digitisation of the marketing and distribution channels in the company, helping to enrich the product and customer experience.”
Closing of the transaction is subject to approval by the relevant competition authorities and is expected for June 2017.