Partners Group Holding AG has agreed to buy a stake in Swiss watchmaker Breitling SA from CVC Capital Partners. The investment firm now owns a sizable minority stake and will be aiding CVC in growing Breitling. The news was reported by Reuters.
The financial terms of the deal were not disclosed. Breitling is one of the few independent Swiss watchmakers still standing. Most others are owned by luxury conglomerate companies or private equity firms. With this investment, Breitling’s valuation is estimated at 3.3 billion dollars.
Partner Group will join Breitling’s board. This is a smart strategic investment for Partners with the Swiss watch market expected to see growth through 2024.