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Companions Group Buys Into Swiss Luxurious Watchmaker Breitling

Picture: Breitling

Personal fairness agency Companions Group has purchased a big minority stake in watchmaker Breitling, in response to information reviews and a press launch from Companions.

The press launch, on the Companions Group web site, notes that the stake was bought from CVC Capital Companions Fund IV and administration, which at present owns the bulk stake in Breitling, as we reported on years in the past. No monetary phrases have been disclosed, however Bloomberg reported lately that Companions Group was seeking to purchase a 25 per cent stake; non-public fairness sometimes requires a seat on the board when it makes such investments. 

No changes in direction were announced, nor adjustments in senior personnel, however Companions Group will certainly be taking a seat on the Breitling board of administrators. Alfred Gantner, Co-Founder, and Govt Member of the Board of Administrators, Companions Group, will probably be taking this seat. Present Breitling CEO Georges Kern — himself a stakeholder — sounded a constructive observe that Companions Group stepping into watchmaking motion.

“We’re delighted to welcome Companions Group as an investor, and Alfred Gantner as a Board member. With CVC and Companions Group we now have a robust alliance to perform our bold targets to appreciate our immense potential to turn into one of many undisputed leaders within the Swiss Watch Business,” stated Kern.

“Breitling is an iconic Swiss model whose watches are immediately recognisable around the globe for his or her high quality and magnificence,” stated Gantner. “Beneath the management of Georges Kern, the Firm has loved vital progress lately, and we consider it has vital potential to seize a wider viewers of shoppers globally. We wholeheartedly stay up for working with Georges and the CVC staff to appreciate this subsequent stage of progress for Breitling.”

 “We’re happy with the improbable progress Breitling has made since we invested in 2017,” stated Daniel Pindur, Associate, CVC Capital Companions. “Working in shut partnership with Georges and his staff, we now have been capable of considerably speed up Breitling’s progress, by means of a repositioned model, a rejuvenated product providing and a continued digitization of the enterprise. We’re more than happy to be bringing Companions Group on board and stay up for working carefully with them to proceed to develop this iconic enterprise additional and finally goal an IPO in just a few years’ time.”

The IPO hypothesis has been ongoing since CVC first purchased its stake in Breitling in 2017; that deal was valued at greater than US$928 million. Breitling stays one of many prime unbiased Swiss watchmaking manufacturers, and can also be some of the profitable watchmaking corporations total.

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