A key investor in Breitling is headed to the stock market in an IPO that could raise as much as €1.25 billion.
CVC Capital Partners, which manages investments across a range of industries, intends to float on the Euronext Amsterdam stock exchange in a move that could see it valued between €13 billion and €15 billion.
The Luxembourg-based company has had ties to the watch sector since 2017 when it agreed a deal to acquire an 80% stake in Breitling.
At the time, it identified an opportunity to grow Breitling’s market share by driving the digitization of the marketing and distribution channels in the company and expanding its geographic footprint.
When the deal was originally announced, Breitling’s former majority owner Théodore Schneider said: “I am convinced CVC is the right partner to elevate Breitling to the next level. CVC’s expertise, track-record and international network will help unlock Breitling’s full potential.”
Two years ago it sold an equity stake in Breitling to Partners Group, which made the global private markets firm its largest shareholder.
However, CVC has remained invested alongside Partners Group and worked alongside Breitling’s management team drive value creation at the company.
Key initiatives have included pursuing an omni-channel strategy, continuing its geographic expansion and launching new products that harness the value of Breitling’s extensive back catalogue.
