Breitling to be acquired by CVC Capital Partners
CVC Capital Partners has agreed to acquire an 80% stake in luxury Swiss watch brand Breitling for an undisclosed sum.
Founded in 1884, family-owned Breitling employs approximately 900 people and has its headquarters in Grenchen, Switzerland. The company operates two manufacturing facilities, one in Grenchen and one in La Chaux-de-Fonds.
As part of the transaction, Breitlng majority owner Théodore Schneider will re-invest for a 20% shareholding in Breitling.
"I am convinced CVC is the right partner to elevate Breitling to the next level," said Schneider. "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, added: "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."
CVC said it has identified significant growth potential for Breitling in both existing and new markets.
The transaction is subject to approval by the relevant competition authorities and is expected to be completed in June 2017.
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