A possible majority acquisition of Partners Group within Breitling

The agreements are expected to be concluded in December, as Partners Group has ambitious targets of doubling turnover and operating profit before the planned IPO in 2027. Partners Group, based in Zurich, is one of the world's leading private equity firms. It operates in all international markets and has a turnover of approximately 1.5 billion Swiss francs.

The luxury watch market is particularly strong and attracts investors. The first half of 2022 was particularly favourable for watch production as a whole: exports of Swiss watches increased by almost 73% compared to the first half of 2020.

Breitling saw its revenues increase by 40% last year, thanks to its 200,000 watches sold. In an era of unstable financial markets, watches are seen as a reliable refuge. The company founded by Léon Breitling in 1884 is - according to a study by LuxeConsult commissioned by Morgan Stanley - one of the thirteen companies that hold 75% of the market share of Swiss watches, ranking eleventh. This momentum is not unrelated to the acquisition of 80% of the company's capital in 2017 by the Luxembourg fund CVC Capital Partners.

If Partners Group successfully completes its acquisition, CVC Capital Partners would increase its stake to 23.6%. The remaining 23.6% of the shares would be open to private and professional third parties, and the remaining 2.8% of the shares would remain in the hands of the brand management led by Georges Kern.