Long a family-owned company, Breitling saw CVC Capital Partners acquire an 80% stake in their capital in 2017 (in a deal valued at more than EUR 800 million, or USD 928 million) while the Schneider family kept the remaining 20% of the capital. Subsequently, quitting a Richemont senior leadership role, George Kern was appointed CEO of the brand. Swiss-based Fund Partners Group now enters the capital of the brand with a significant minority stake (estimated at 25%). The co-founder of Partners Group, Alfred Gantner, will join the Board of Breitling.
Quoting Vontobel analyst, Philippe Bertschy, Swiss newspaper Le Temps reports that Breitling “should achieve a turnover of nearly 700 million Swiss Francs during the fiscal year which will end on March 31st“. According to the Handelszeitung, this 25% stake is bought for 712 million Swiss Francs which would value Breitling at 2.8 billion Swiss Francs. This reflects a significant value creation over the past years and Capital Partners’ confidence in the growth potential. CVC and Partners Group advise that a public listing for Breitling is targeted. But this would not happen before a few years.
For more information, please visit partnersgroup.com.