Bremont's £48. 8m investment from bill ackman and hellcat lp ng headshot 050 scaled
Bremont co-founders Nick and Giles English.

Bremont valued at £100 million following fresh investment from Bill Ackman and Hellcat Acquisitions

Bremont’s £48.8m investment from Bill Ackman and Hellcat LP.

Following its most successful year to date, with a 28% revenue increase on 2021, Bremont has announced a £48.4m/$59m investment from American billionaire Bill Ackman, and existing investor New York-based Hellcat Acquisitions LP.

According to Companies House, Hellcat Acquisitions LP already holds “Ownership of shares – More than 50% but less than 75%” in Bremont.

Before the investment, Bremont has two officers listed at Companies House with significant control — at the time defined as more than 25% of shares but less than 50% — those were managing director Steve Clark and Hellcat Acquisitions.

An investor for the past eight years, Hellcat is an SPV comprised of a group of investment professionals and individuals.

Hellcat has emphasised its ambitions to grow the company’s worldwide distribution, particularly in the US market.

Founder and CEO of hedge fund company Pershing Square Capital Management, with investments that include Universal Music, Netflix, Domino’s, Hilton and railroad Canadian Pacific, Mr Ackman has a net worth estimated by Forbes at $2.8 billion.

Although Pershing is known as an ‘activist investor’, defined as a specialised hedge fund that buys a stake in a company with the goal of changing how it is run, the Bremont investment is a personal one, made outside of Pershing.

Bremont's £48. 8m investment from bill ackman and hellcat lp
Mr Bill Ackman.

Mr Ackman’s shareholding has not been announced, but it is reported to be a “substantial minority interest in the company”.

The Financial Times says the investment by Mr Ackman values Bremont at around £100 million.

Hellcat Acquisitions remains the majority shareholder.

Bremont's £48. 8m investment from bill ackman and hellcat lp bremont financial history turnover Bremont's £48. 8m investment from bill ackman and hellcat lp bremont financial history operating profit

The most recent set of accounts filed with Companies House shows Bremont breaking even on sales of £17.3 million, the first time the business has not posted an annual loss since 2015.

An increase of 28% would take 2021-22 turnover to £22.1 million.

Giles English, Bremont co-founder, alongside his brother Nick, said: “[We] are thrilled that Bill has moved from collector to investor, joining our long-standing shareholder, Hellcat, as partners in Bremont.

“This new capital will enable us to invest in marketing, distribution, and talent. This is not just a boost for Bremont, but also for Britain… we are delighted to continue our country’s history of manufacturing and innovation through the global growth of Bremont.”

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Echoing these thoughts, Mr Ackman said: “I have long admired Bremont’s handsomely-designed, technologically-sophisticated and rugged watches, and the brand’s storied aviation and military history. The UK’s rich horological past laid the foundation for Nick and Giles to found and grow Bremont into one of the watch industry’s preeminent brands and engineering companies.

“I am thrilled to have the opportunity to become a shareholder of Bremont at a fulcrum point in the company’s evolution, and to see it take its rightful position as a global leader in watchmaking.”

The size of investment will inevitably spark speculation about whether it is a prelude to the business being sold, but the company is clear about this saying: “No. We have two long-term private investors with a long-term view. This is in place of any private equity or alternative asset investor.

“In building the Bremont brand it has been crucial for us to ensure its security and longevity which is wholly supported by Bremont’s current investor group.”

Bremont's £48. 8m investment from bill ackman and hellcat lp bremont edits alan schaller 18 correct flag
Giles and Nick English at The Wing.

Speaking of the complex share structure, Nick English told WatchPro: “Bremont has attracted many admiring glances over the years from various PE and VC funds with typical three to five year return horizons, which has never suited our vision and mission to develop a legitimate heritage brand over decades.

“This is a private investment for Bill Ackman due to his personal interest in the brand and business. All shareholder discussions are very much hinged around a long-term view, which aligns with Hellcat.

“There is a very complex share ownership structure with different types of shares, options etc and everyone on board is very much in it for the long haul and shares a long-term vision for the brand.’

Emphasising the brothers commitment to Bremont, Giles added: “The investment in British watchmaking has been critical. We simply can’t do this without investment.

“We have always had shareholders but we are still very much involved and it is a testament as to the amount of investment we are making in the business.”

Bremont's £48. 8m investment from bill ackman and hellcat lp bremont edits alan schaller 19
Giles and Nick in the reception of The Wing.

The investment comes a year-and-a-half after Bremont opened its watchmaking facility, The Wing, in Henley, with the aim of manufacturing watch movements at scale in Britain. This has been accompanied by the opening of new global boutiques, which saw annual revenue growth of 28% in the last financial year.

Managing Director Chris Reynolds will now take on the role of Chief Operating Officer to support a new CEO currently being recruited by global consultancy firm Egon Zehnder.

Mr Reynolds said: “This investment will allow us to scale our operations, accelerate innovation, and enhance our in-house capabilities, talent development, and recruitment.”

 

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