CVC Capital Partners bought an 80 percent stake in Breitling SA, the previously independent Swiss watch manufacturer.
As part of the transaction, current CEO Théodore Schneider will re-invest for a 20 percent shareholding in the company. Schneider’s father Ernest bought the brand from the founding family in 1979.
Deal terms were not disclosed, but Bloomberg put the price tag at $870 million.
The news service, quoting unnamed sources, said that CVC will likely focus on the Chinese market. It said the watchmaker’s 2016 sales totaled $424 million.
The London, England-based venture capital firm does not seem to own any other watch or jewelry companies.
“I am convinced CVC is the right partner to elevate Breitling to the next level,” Schneider said in a statement. “CVC’s expertise, track-record and international network will help unlock Breitling’s full potential.”
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