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CVC Capital Partners (CVC) announced that CVC Fund VI has acquired an 80% stake in Breitling SA, a leading independent, family-owned manufacturer of Swiss luxury watches and an internationally renowned luxury watch brand. The financial terms of the transaction were not disclosed.

The company is estimated to be valued at $875 million and the deal was pegged at as much i.e. $1.75 billion. As part of the transaction, previous owner and CEO, Theodore Schneider, retains a 20% shareholding in Breitling.

Founded in 1884, Breitling specializes in the development and manufacture of high-performance watches. The company looks back on a heritage of seminal innovations that have played a decisive role in the development of wrist chronographs.

Breitling employs approximately 900 people and is headquartered in Grenchen, Switzerland. The company operates two manufacturing facilities, one in Grenchen and another in La Chaux-de-Fonds. Breitling watches are sold worldwide in exclusive boutiques and via selected retailers.

CVC is projected to be the right partner to elevate Breitling to the next level as the brand’s sales have been down since the 2008 crash. CVC’s expertise, track-record and international network will help unlock Breitling’s full potential.

CVC will work to make Breitling even more renowned and help shape the future of one of Switzerland’s last independent watch manufacturers. Specifically, CVC anticipates significant growth potential for Breitling in both existing and new geographies by driving the digitization of marketing and distribution channels in the company, two traditionally weak areas for the brand. Closing of the transaction is subject to approval by the relevant competition authorities and is expected for June 2017.