Breitling has a new private equity owner, as the company plans to go public on the Swiss stock exchange in 2027, according to anonymously sourced reports in Bloomberg and finews.com.
According to the reports, Partners Group Holding plans to increase its stake in Breitling from 23% to 50%. Meanwhile, its current owner, CVC Capital Partners, is decreasing its current majority holding to about 23.6%, the reports said—with management and other investors holding the rest.
The deal reportedly values the Swiss watchmaker at $4.2 billion Swiss francs, or $4.5 billion.
CVC first purchased an 80% stake in Breitling in 2017. Shortly after, Georges Kern, who then headed Richemont’s watchmaking division, became its CEO.
In 2021, Partners Group purchased a “significant minority stake” in the watchmaker, which was then reportedly valued at $3.3 billion. That deal was accompanied by the first public rumblings of an eventual IPO.
Both Partners Group and CVC declined comment. Breitling did not respond to a request for comment by publication time.
Top: Breitling’s Super Chronomat Automatic 38 Origins (photo courtesy of Breitling)Follow JCK on Instagram: @jckmagazine
Follow JCK on Twitter: @jckmagazine
Follow JCK on Facebook: @jckmagazine