Partners Group acquires stake in Swiss watchmaker Breitling
Swiss private investment company Partners Group Holding AG has agreed to acquire a significant minority stake in luxury watchmaker Breitling.
The group joins private equity group CVC Capital Partners and management in growing the Swiss company, Reuters reported. No financial terms were disclosed however.
Breitling, known for its aviation-themed timepieces, is one of the Swiss heritage watch brands that are still independent. Others, including Longines, Piaget and Hublot have been acquired by competitors such as Swatch Group AG, Richemont, LVMH and Kering SA.
Partners Group Co-Founder Alfred Gantner will join Breitling’s board. The Group has forecast luxury watch sales will increase at an average rate of 6% between 2021 and 2024, with majority of the growth coming from China.
Daniel Pindur, a partner in CVC Capital Partners, said in a statement: "We are very pleased to be bringing Partners Group on board and look forward to working closely with them to continue to grow this iconic business further and ultimately target an IPO in a few years’ time."
