After a long time hearing rumors and rumblings that Breitling was up for sale, CVC Capital Partners has confirmed acquiring Breitling SA today with a deal to formally close in June of 2017. CVC Capital is one of the world’s leading private equity and investment advisory firms. Founded in 1981, CVC today employs over 420 people throughout Europe, Asia and the US. Investors in more than 45 different business across a variety of industries including Retail, Telecommunications, Online Sports Betting, CPG, Lottery, Energy, Musical Production and Insurance amongst others. Some of the most well known companies they own include Petco, Anchor Glass, Fidelis Insurance, Cortefiel and Continental Foods amongst others. In a deal valued at $870 Million USD —amount not confirmed by CVC Capital Partners—, the deal establishes that Theodore Schneider —current owner of Breitling— will retain a 20% stake in the company by means of a reinvestment. Originally established in 1884, Breitling SA is headquartered in Grenchen, Switzerland with production facilities in La Chaux-de-Fonds and U.S. office in Wilton, Connecticut. For more info on Breitling click here.
The Official Press Release
Below please find the full press release from CVC Capital.
CVC Capital Partners ("CVC") today announced that CVC Fund VI has agreed to acquire an 80% stake in Breitling SA ("Breitling"), a leading independent, family-owned manufacturer of Swiss luxury watches and an internationally renowned premium brand. The financial terms of the transaction were not disclosed.
As part of the transaction, Théodore Schneider will re-invest for a 20% shareholding in Breitling.
Founded in 1884, Breitling specialises in the development and manufacture of high-performance watches. The company looks back on a heritage of seminal innovations that have played a decisive role in the development of wrist chronographs. Breitling employs approximately 900 people and is headquartered in Grenchen, Switzerland. The company operates two manufacturing facilities, one in Grenchen and one in La Chaux-de-Fonds. Breitling watches are sold worldwide in exclusive boutiques and via selected retailers.
"I am convinced CVC is the right partner to elevate Breitling to the next level," said Théodore Schneider, majority owner of Breitling SA. "CVC's expertise, track-record and international network will help unlock Breitling’s full potential."
Alexander Dibelius, Managing Partner and Head of Germany at CVC, commented: "Breitling has a proud heritage, high brand awareness, and enjoys an excellent reputation as one of the finest watchmakers in the world. We very much look forward to working with Théodore Schneider as we embark on Breitling's next chapter of growth."
"Using our network and expertise, CVC will work to make this global, iconic brand even more renowned and help shape the future of one of Switzerland's last independent watch manufacturers," added Daniel Pindur, Senior Managing Director at CVC. "Specifically, we see significant growth potential for Breitling in both existing and new geographies by driving the digitization of the marketing and distribution channels in the company, helping to enrich the product and customer experience."
Closing of the transaction is subject to approval by the relevant competition authorities and is expected for June 2017.
For more info on CVC Capital Partners click here.