Swiss private investment company Partners Group said on Tuesday it has agreed to acquire a significant minority stake in luxury watchmaker Breitling from private equity group CVC Capital Partners and management.
The company provided no financial details about the stake purchase.
Founded in 1884, Breitling is a leading Swiss watchmaker with a range around the themes of air, land, and sea, Partners said.
“The company benefits from attractive macro and sectoral transformative growth trends, especially in Asia, where rising disposable incomes amongst the middle classes are increasing demand for premium products, including watches,” it said.
It cited estimates of a growth rate of 6% between 2021 and 2024 for the luxury watch segment, the bulk of it from China.
“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,” Daniel Pindur, a partner in CVC Capital Partners, said in a statement.
Source: Reuters.com