CVC Capital Partners of Britain announced that they have acquired a majority stake in luxury watch company Breitling SA. Breitling is known for their Navitimer and Breitling for Bentley collections.
Theodore Schneider, majority owner of the company, will retain a 20 percent stake by means of a reinvestment.
The deal will officially close in June. The cost of acquiring the majority stake was not released.
Speculation of Breitling being on the market began at Basel when the company announced they would be co-producing certain movements with Tudor, which is owned by Rolex.
In a statement, Schneider said "I am convinced CVC is the right partner to elevate Breitling to the next level. CVC’s expertise, track-record and international network will help unlock Breitling’s full potential.”
Photo: via Breitling.com