The Swiss-based Partners Group is increasing its stake in the independent Swiss watch manufacturer Breitling with consequences for the board of directors.
As finews.asia reported exclusively at the beginning of December, the Zug-based private investment firm Partners Group is taking a majority stake in the Swiss luxury watch brand Breitling. The aim is to take the company public in 2027.
Today, Partners Group now officially announced the stake making it the company's largest shareholder. Breitling's current majority shareholder, private equity firm CVC, will remain invested alongside Partners Group, along with the management team and other co-investors.
Fundamental Change
Following the transaction, Alfred Gantner, co-founder and executive member of the board of Partners Group, becomes chairman of Breitling's board of directors, according to a statement from Partners Group.
«After a fundamental transformation in the past five years, Breitling is building on its outstanding achievements and is now in a position to scale the business and become one of the world leaders in the watch industry. In line with our entrepreneurial governance approach, we look forward to continuing our successful partnership with the management team and CVC,» he said.
Slight Majority
Partners Group did not disclose figures on Friday, but finews.asia understands that after building a minority stake in Breitling through its private market funds in the fall of 2021, the Zug-based asset manager is now looking to acquire a 50.3 percent majority. Financial investor CVC, which has held a stake in Breitling since 2017, still holds 23.6 percent of the after the transaction.
Breitling was founded in 1884 and is a leading Swiss watchmaker, producing classics such as the Navitimer aviation chronometer wristwatch which also acts as an analog calculator with which pilots can measure things like airspeed and fuel consumption. US Navy aviators often band together with their squadron mates to have custom Breitling watches made with the insignia of their squadrons.
Another Navitimer was created to help with the restoration of the Breitling Lockheed Super Constellation, designated as the L-1049 by Lockheed. With that in mind, a limited edition of 1049 «Super Constellation» Navitimers was produced.
Key Value Creation Initiatives
Since 2017, Breitling has become a leading omnichannel luxury watch brand. The partnership will continue pursuing the omnichannel strategy, its geographic expansion, and the launch of new products that leverage the value of Breitling's extensive catalog.
