Breitling’s private equity owner CVC Capital Partners, has confirmed it has sold a stake in the business to Partners Group, another private markets firm.
Partners Group co-founder Alfred Gantner will join the board of Breitling as part of the deal.
No details have been revealed about the financial terms of the transaction. It was described as an acquisition of “a significant minority stake” in Breitling from CVC Capital Partners Fund VI and management. Bloomberg has reported that the firms were negotiating the sale of 25%.
There was also no explanation from Breitling on why the sale was necessary, beyond stating that it would help the watchmaker grow.
“Partners Group will partner with CVC Capital Partners and management to further accelerate Breitling’s growth include growing direct-to-consumer sales channels, expanding Breitling’s own retail network, particularly in Asia and the US, and continuing to improve operational efficiency,” a statement from CVC says.
“Breitling is an iconic Swiss brand whose watches are instantly recognisable around the world for their quality and style. Under the leadership of Georges Kern, the Company has enjoyed significant growth in recent years, and we believe it has significant potential to capture a wider audience of consumers globally. We wholeheartedly look forward to working with Georges and the CVC team to realize this next stage of growth for Breitling,” sayhs Mr Gantner.
Georges Kern, CEO of Breitling, adds: “We are delighted to welcome Partners Group as an investor, and Alfred Gantner as a Board member. With CVC and Partners Group we have a strong alliance to accomplish our ambitious targets to realise our immense potential to become one of the undisputed leaders in the Swiss Watch Industry.”
If Breitling growth was so successful for CVC….why sell 25%? CVC don’t sell CASH COW’s (they are the largest capital investment company in the world)…..they hold them tighter. Rothschild Bank passed on the investment…..I smell something a little off.