On Friday, April 28, 2017, CVC Capital Partners (‘CVC’) announced that CVC Fund VI will acquire an 80% stake in Breitling. As part of the transaction, Théodore Schneider, the former controlling shareholder, will hold the remaining 20% equity in the form of reinvestment. Terms of the transaction have not been disclosed, and Bloomberg News quoted unnamed insider sources as arguing that the transaction was worth about 800 million euros.
CVC Capital Partners (‘CVC’ for short) is Europe’s largest private equity and investment consulting firm, headquartered in London. Breitling was founded in 1884, focusing on research and development and manufacturing of high-performance watches. It is a leading independent family watchmaker in Switzerland and a well-known international luxury watch brand. Historically, Breitling’s inventions have played a decisive role in the development of chronograph watches. Currently, Breitling employs approximately 900 employees, is headquartered in Grunchen, Switzerland, and has two watchmaking factories (one in Grunchen and the other in La Chaux-de-Fonds), which are sold globally through exclusive boutiques and authorized retailers. Branded products.
‘I believe CVC is the right partner to take Breitling to the next level,’ said Théodore Schneider, the original controlling shareholder of Breitling. ‘CVC’s expertise, past achievements and international network will help unlock the full potential of Breitling.’
Alexander Dibelius, Managing Partner and Head of Germany of CVC, commented: ‘Breitling has a proud history and high reputation, enjoys an excellent reputation and is one of the best watchmaking brands in the world. We look forward to working with Théodore Schneider. , And jointly create a new chapter in Breitling’s business growth. ‘
‘Using a well-established network and expertise, CVC will work to make this global, iconic brand more visible and help shape the future of Switzerland’s last independent watchmaker,’ added CVC senior managing director Daniel Pindur. ‘Specific and In other words, Breitling has significant growth potential both in the existing market and in new areas. We will promote the digitalization of the company’s marketing channels and enrich its product range and customer experience. ‘
The transaction is subject to endorsement by the Competition Commission and is expected to be completed in June 2017.