London investors buy Breitling

London-based private equity group CVC Capital Partners has bought a controlling stake in Breitling for a reported €800m (£677m).

Breitling’s CEO Théodore Schneider said the deal will leave CVC with an 80% stake, and Breitling will retain the remaining 20% of the group.

“I am convinced CVC is the right partner to elevate Breitling to the next level,” he said. “CVC’s expertise, track-record and international network will help unlock Breitling’s full potential.”

Alexander Dibelius, managing partner and head of Germany at CVC, added: “Breitling has a proud heritage, high brand awareness, and enjoys an excellent reputation as one of the finest watchmakers in the world. We very much look forward to working with Théodore Schneider as we embark on Breitling’s next chapter of growth.”

Daniel Pindur, senior managing director at CVC, added: “Using our network and expertise, CVC will work to make this global, iconic brand even more renowned and help shape the future of one of Switzerland’s last independent watch manufacturers.

“Specifically, we see significant growth potential for Breitling in both existing and new geographies by driving the digitisation of the marketing and distribution channels in the company, helping to enrich the product and customer experience.”