It’s been widely reported this morning that CVC Capital Partners, a Luxembourg-based private equity firm with broad European and Asian interests, has acquired an 80 percent controlling stake in the Swiss watchmaker Breitling.

Breitling, one of the major independent watchmaking brands that has invested significantly in its own vertical integration in recent years, had been on the sale block since late 2016.

The watchmaker’s former majority owner, Theodore Schneider, whose family bought Breitling in 1979, will retain 20 percent of the company’s shares.

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

Daniel Pindur, Senior Managing Director at CVC, said: “Breitling is one of the best known and finest watchmakers in the world. CVC will work alongside Breitling to expand, in both existing and new geographies. We will also digitize the marketing and distribution channels at the company, which should improve the product and customer experience.”

The final details and closing of the transaction is subject to approval by relevant Swiss and European authorities.