CVC Capital Partners of Britain announced today it has acquired a majority stake in Breitling SA, the sports watch brand known for its Navitimer and Breitling for Bentley collections. Majority owner Theodore Schneider will retain a 20% stake in the company by means of a “reinvestment,” according to a press release issued by CVC. The new deal closes in June and details of the price were not released. Breitling had been known to be on the market, and when it announced in Basel this year it would be co-producing certain movements with Tudor, owned by Rolex, the rumor mill was rife with speculation of a more formal partnership. Breitling employs 900 people and is headquartered in Grenchen, Switzerland, with production facilities also in La Chaux-de-Fonds. In the CVC press release, Schneider says: “I am convinced CVC is the right partner to elevate Breitling to the next level. CVC’s expertise, track-record and international network will help unlock Breitling’s full potential.”