Breaking news: CVC Capital Partners buys Breitling
CVC Capital Partners (CVC) today announced that CVC Fund VI has agreed to acquire an 80% stake in Breitling, the independent, family-owned maison that was founded in 1884. As part of the transaction, Théodore Schneider will re-invest for a 20% shareholding in Breitling.
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. “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. As of today Jean-Paul Girardin, Brietling’s vice-president, will act as the company’s CEO.
CVC Capital Partners is a private equity and investment advisory firm. Founded in 1981, CVC today has a network of 23 offices and approximately 400 employees throughout Europe, Asia and the U.S. In total, CVC currently manages over US$50 billion of assets. Today, CVC Funds are invested in 52 companies worldwide, employing c.250,000 people in numerous countries. Together, these companies have combined annual sales of over US$80 billion.