Zug (CH) \u2014 Part\u00adners Group, which specia\u00adli\u00adzes in private equity and other private market invest\u00adments, has acqui\u00adred what it says is a \u201csigni\u00adfi\u00adcant mino\u00adrity stake\u201d in Swiss watch\u00adma\u00adker Breit\u00adling from British invest\u00adment firm CVC Capi\u00adtal Part\u00adners, which has control\u00adled the watch\u00adma\u00adking group for just over four years and has perfor\u00admed very well under the leader\u00adship of Geor\u00adges Kern, who was previously head of IWC. The tran\u00adsac\u00adtion was on behalf of clients, accor\u00adding to a Part\u00adners Group state\u00adment. The amount of the invest\u00adment was not disclosed.<\/p>\n
As the NZZ writes, it should be around 25%. The parties are silent about the price, \u201cbut 700 million Fr. it should be, if not a little more,\u201d notes the NZZ.<\/p>\n
New two finan\u00adcial investors Initial public offe\u00adring in a few years \u201cWe also star\u00adted to look at the brand and the watch indus\u00adtry with Part\u00adners Group at that time, and for the last two years we have been talking with CVC and Geor\u00adges Kern about a possi\u00adble enga\u00adge\u00adment,\u201d he tells NZZ. \u201cWe like how Breit\u00adling sets itself apart from the tradi\u00adtio\u00adnal, exclu\u00adsive watch brands. The focus on casual luxury and invol\u00advement in trend sports such as surfing, triath\u00adlon and biking is in keeping with the spirit of the times.\u201d<\/p>\n They would also have liked to buy the whole company, but CVC wanted to remain invol\u00adved for good reasons and also retain control. \u201cThat\u2019s not a problem for us because we\u2019ve known CVC for over twenty years and have made seve\u00adral joint invest\u00adments,\u201d Gant\u00adner said. Part\u00adners Group could well imagine remai\u00adning invol\u00adved for seve\u00adral years beyond a poten\u00adtial IPO.<\/p>\n Breit\u00adling CEO Geor\u00adges Kern says: \u201cThe beauty of private equity is that you can act extre\u00admely quickly.\u201d He is on the phone with Daniel Pindur from CVC almost every other day, and important decis\u00adi\u00adons are made immediately.<\/p>\n There are no publicly available figu\u00adres on Breit\u00adlin\u00adg\u2019s busi\u00adness perfor\u00admance. Accor\u00adding to esti\u00adma\u00adtes, the new team around Geor\u00adges Kern has been able to increase sales, which had been around CHF 400 million at the time of the take\u00adover, to around CHF 700 million in the past four years, accor\u00adding to the NZZ. and even with higher margins thanks to growing direct sales. Profit at Ebitda level is expec\u00adted to be around CHF 175 million, accor\u00adding to a source quoted by Reuters.<\/p>\n","protected":false},"excerpt":{"rendered":" Zug (CH) \u2014 Part\u00adners Group, which specia\u00adli\u00adzes in private equity and other private market invest\u00adments, has acqui\u00adred what it says is a \u201csigni\u00adfi\u00adcant mino\u00adrity stake\u201d in Swiss watch\u00adma\u00adker Breit\u00adling from British invest\u00adment firm CVC Capi\u00adtal Part\u00adners, which has control\u00adled the watch\u00adma\u00adking group for just over four years and has perfor\u00admed very well under the leadership [\u2026]<\/p>\n","protected":false},"author":2,"featured_media":38197,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"wp_typography_post_enhancements_disabled":false,"footnotes":""},"categories":[886,1364,1365,1366,1369],"tags":[],"class_list":["post-40282","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general-en","category-featured-en","category-private-equity-en","category-news-en","category-investors"],"yoast_head":"\n
\n<\/strong>
\nAccor\u00adding to Part\u00adners Group, the goal is to work with CVC and Breit\u00adlin\u00adg\u2019s manage\u00adment to drive the watch\u00adma\u00adker\u2019s deve\u00adlo\u00adp\u00adment into a \u201cleading neo-luxury watch brand.\u201d The co-foun\u00adder of Part\u00adners Group, Alfred Gant\u00adner<\/strong>, beco\u00admes a member of the Board of Direc\u00adtors of the Gren\u00adchen-based watch\u00adma\u00adking group.<\/p>\n
\n<\/strong>
\nDaniel Pindur, CVC repre\u00adsen\u00adta\u00adtive on Breit\u00adlin\u00adg\u2019s board of direc\u00adtors, said, \u201cWith Part\u00adners Group coming on board for the next four to five years, we\u2019re also brin\u00adging new exper\u00adtise on board.\u201d The plan, he said, is to take Breit\u00adling public on the Swiss stock exch\u00adange in a few years. Well-known consu\u00admer brands or even luxury brands have not been the core busi\u00adness of the Zug-based asset mana\u00adger until now. But Alfred Gant\u00adner admits that he hims\u00adelf has been a big fan ever since his wife gave him a Breit\u00adling as a fiftieth birth\u00adday present three years ago.<\/p>\n