The Boston-based investment firm Baupost Group, LLC, has entered into an agreement with the owners of Timex Group, a global maker of timepieces, to acquire majority ownership of the company. Timex Group’s existing shareholders will retain a significant ongoing interest in the business. The transaction is expected to close before year-end, following customary regulatory review.
The investment is an expression of Baupost’s confidence in Timex Group’s long-term future. The company has built the Timex brand into a household name synonymous with quality and innovation. Timex Group also designs, manufactures, and markets timepieces under license for globally recognized brands, such as Guess, Versace, Salvatore Ferragamo, Furla, Missoni and Ted Baker.
“Timex Group's storied 166-year history, and incredible portfolio of brands and brand partnerships, offer a unique opportunity to drive innovation and growth in the watch industry,” said Tom Blumenthal, partner and head of Private Corporate Investments at The Baupost Group. “We believe in the company’s strategic vision and the ability of the management team to achieve it. We look forward to supporting the company for years to come.”
Anette Olsen, Chairman of Timex Group, said, “Timex Group has a lot to be proud of. With our great team at all levels of the organization, our brand partners, loyal customers and vendors, Timex Group is well-positioned to capitalize on the many opportunities that lie ahead. We look forward to adding new successful chapters to Timex Group’s history together with Baupost.”
Tobias Reiss-Schmidt remains Timex Group’s CEO. Reiss Schmidt said that with the involvement of Baupost, the company plans to accelerate market penetration in key regions and product segments and further grow its band portfolio.
Aabø-Evensen acted as lead counsel (legal advisors) to the Sellers and to Timex Group’s board of directors in relation to the proposed transaction. Aabø-Evensen, together with Squire Patton Boggs LLP, acted as legal advisors to Timex Group in connection with the financing.
To view Timex’ full press release, please click here (pdf).
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