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Watchmaker Breitling Eyes Stock-Exchange Listing
Oct 31, 2021 10:06 AM
By Rapaport News
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RAPAPORT... Breitling’s majority owner has sold off part of the business and indicated it might list the luxury Swiss watch brand on a stock exchange.
Partners Group, a global private investment firm, has acquired a “significant minority stake” in Breitling from CVC Capital Partners Fund V1, the companies said last week.
“We look forward to working closely with [Partners Group] to continue to grow this iconic business further, and ultimately target an IPO [initial public offering] in a few years’ time,” commented Daniel Pindur, a partner at CVC.
CVC, which bought Breitling in 2017, retains a majority interest in the company. In collaboration with Partners Group, it aims to build the watchmaker’s direct-to-consumer sales channels, expand its existing retail network in Asia and the US, and continue to improve its operational efficiency.
As part of the deal, Alfred Gantner, cofounder of Partners Group, will join Breitling’s board.
“Breitling is an iconic Swiss brand whose watches are instantly recognizable around the world for their quality and style,” Gantner noted. “Under the leadership of [CEO] Georges Kern, the company has enjoyed significant growth in recent years, and we believe it has significant potential to capture a wider audience of consumers globally.”
Image: A Breitling watch display. (Shutterstock)
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Tags:
Alfred Gantner, Breitling, CVC Capital Partners Fund V1, Daniel Pindur, Georges Kern, Partners Group, Rapaport News, Swiss Watchmaker, watches
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