Timex Group, the global maker of timepieces, announced that its owners have entered into an agreement pursuant to which an affiliate of The Baupost Group, LLC, the Boston-based investment firm, will 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.”
Added Tobias Reiss-Schmidt, who will remain in his role as Timex Group’s CEO, “In recent years, we have transformed Timex Group into a highly consumer-focused company that has unique capabilities in bringing the DNA of our brands to life, and the speed and agility to succeed in today’s market. With the involvement of The Baupost Group, we can accelerate market penetration in key regions and product segments, as well as further grow our incredible brand portfolio. We look forward to working with all our shareholders and partners as Timex Group continues to succeed and grow.”