CVC Capital Partners is considering the sale of a minority stake in Swiss luxury watchmaker Breitling, Bloomberg reported on Sept. 3. The stake could amount to 20% of the company, industry sources told Breakingviews.
CVC bought 80% of Breitling in 2017. The deal valued the independent Swiss brand, founded in 1884, at around 800 million Swiss francs at the time, according to a person familiar with the deal. CVC acquired a further 20% in 2018. Swiss online luxury watch marketplace Chronext said on Sept. 10 that it hoped to raise 250 million Swiss francs via a listing of its shares on the domestic stock market.Breitling watches are displayed in Basel, Switzerland, March 22, 2017.
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Source: Breakingviews - 🏆 470. / 51 Read more »
Brad Pitt watchmaker warrants celebrity valuationHollywood stardust is giving Breitling some financial sparkle. The Swiss maker of aviator timepieces touted by celebrities like Brad Pitt, Charlize Theron and Adam Driver has nearly doubled its sales on CVC’s four-year watch. The buyout firm is now considering flogging a 20% stake. Breitling’s luxury label and A-list promoters put a 3 billion Swiss franc valuation in reach. LJucca Brad Pitt is a legend
Source: Breakingviews - 🏆 470. / 51 Read more »