CVC Capital Partners has reached a deal to purchase a majority stake in Breitling SA, a Swiss manufacturer of premium watches, for an undisclosed amount. The private equity firm is acquiring the target using funds from its sixth fund, CVC Fund VI.

Breitling is an independent manufacturer of high-performance watches. The target was founded in 1884 and is currently owned by the Schneider family. Theodore Schneider, the son of Ernest Schneider, took over the company from his predecessor in the 1990s. The deal with CVC comes as the company faced dwindling sales in its biggest market, Hong Kong. Headquartered in Grenchen, Switzerland, Breitling operates two manufacturing facilities. Theodore Schneider will re-invest in the company for a 20 percent stake.

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