CVC buys 80% stake in Breitling

CVC will use capital from its CVC Capital Partners VI vehicle to finance the transaction. Company director Théodore Schneider will also reinvest to retain a 20% stake in the company.

The GP closed its sixth fund in mid-2013 on €10.5bn after only sixth months on the road. The vehicle invests in companies across Europe and the US, targeting minimum equity investments of $150m.

CVC aims to increase brand recognition and awareness for Breitling across new and existing geographies through digital marketing efforts and expanding distribution channels. The transaction is subject to approval by relevant competition authorities and is expected to close in June 2017.

Company
Breitling is an independent manufacturer of luxury watches, headquartered in Grenchen, Switzerland. The company was founded in 1884 by Léon Breitling who played a key role in the development of the chronograph in a wrist watch.

The company has two manufacturing facilities in Grenchen and La Chaux-de-Fonds, and distributes its watches to selected boutiques and retailers worldwide. The company employs approximately 900 people.

People
CVC Capital Partners – Alexander Dibelius (managing partner).
Breitling – Théodore Schneider (director).

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• CVC Capital Partners