Private Equity Firm Buys Out Breitling – Rapaport
RAPAPORT… CVC Capital Partners has bought an 80% stake in family-owned Swiss watchmaker Breitling SA, the private equity firm said Friday.
While details of the transaction were not disclosed, Reuters cited an unnamed source valuing the deal at $875 million (EUR 800 million).
CVC expects to drive Breitling’s growth in existing and new markets through the digitization of its marketing and distribution channels, explained Daniel Pindur, CVC’s managing director. As part of the deal, Breitling’s majority owner, Théodore Schneider, will re-invest for a 20% shareholding in company.
“I am convinced CVC is the right partner to elevate Breitling to the next level,” Schneider said. “CVC’s expertise, track record and international network will help unlock Breitling’s full potential.”
Breitling was founded in 1884 and developed with a strong focus on aviation, eventually becoming a benchmark for pilots’ timepieces.
* Picture by Steven Byles via Flickr.