Swiss watch brand Breitling said it plans to go public in the next few years after Partners Group, a Swiss private equity firm, purchased a “significant minority stake” in the company.
Financial terms were not disclosed.
The statement said that Breitling planned to increase its direct-to-consumer sales and to expand the Breitling-owned retail network in the United States and Asia. It will also “continue to increase operational efficiency,” it said.
Luxembourg-based CVC Capital Partners Fund VI, which purchased 80% of the company in 2017, will remain the company’s majority owner. Partners Group said it purchased its shares from both CVC and company management.
Last week Bloomberg reported that Partners Group was looking to purchase 25% of the company, in a deal that would value the company at $3.3 billion, or 3 billion Swiss francs. The news service previously had reported that CVC had been working with advisors to “explore options” for Breitling.