Breitling valued at $4.5bn as private equity owners sell controlling stake

Private equity investor Partners Group has taken control of Breitling after increasing its stake from the 25% it acquired in 2021 to over 50%.

The transaction values Breitling at $4.5 billion, according to Bloomberg.

London-based CVC Capital, which bought Breitling from the Schneider family in 2017, becomes a minority shareholder with a 23.6% stake, according to reports.

The company, known for its aviation-themed timepieces, traces its roots back to the work of watchmaker Leon Breitling in 1884. It’s one of the larger Swiss watch brands that’s still independent, while most others have been acquired by competitors such as Swatch Group AG, Richemont, LVMH and Kering SA.

CVC, which will be attending at the CEE Private Equity Conference, bought a majority stake in Breitling from the Schneider family in 2017 in a deal valued at more than $952m, Bloomberg News reported at the time. Since then, it’s simplified Breitling’s product range, expanded sales in Asia and pushed to make the watches more appealing to female customers.

The private equity firm also owns other consumer brands. It invested earlier this year in A Bathing Ape, the streetwear label started by Japanese hip hop artist Nigo.

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In documents seen by financial news site Fintec.ch, there will be three major tranches of Breitling: Partners Group with just over 50%, CVC Capital with 23.6% and the remainder being marketed to wealthy private and professional investors.

CEO Georges Kern is believed to hold around 3% of the shares, which will be retained after the restructuring, which is expected to be completed this month.

Source: WatchPro

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