LONDON — Time is money.
Luxury watch manufacturer Bremont has announced that billionaire hedge fund manager Bill Ackman has purchased a minority interest in the watchmaker, alongside the company’s long-standing lead investor Hellcat LP, which has increased its investment in the business as part of the transaction.
The funding round between the investors totals to 59 million dollars — valuing the business at over 100 million dollars.
“Bill’s interest stood out from the rest, noting that he had bought into the products and personally loved the brand. He was very much in it for the long term,” Nick English, cofounder of Bremont with his brother Giles, told WWD.
Related Galleries
“This new capital will enable us to invest in marketing, distribution and talent. This is not just a boost for Bremont, but also for Britain. The British watch industry is the birthplace of some of the most important timekeeping innovations, including the perpetual calendar, and we are delighted to continue our country’s history of manufacturing and innovation through the global growth of Bremont,” said Giles.
Ackman praised Bremont’s “handsomely designed, technologically sophisticated and rugged watches” and the brand’s “aviation and military history,” in a statement. His investment in the company comes from his own funds rather than from his hedge fund management company Pershing Square Capital Management.
The investment comes at a timely stage, 18 months after Bremont opened its 35,000-square-foot manufacturing and technology center, The Wing in Henley, South East England, making the company the first business in more than 50 years to produce “mechanical movements” on British shores. The facility is reported to have cost 20 million pounds.
“Whilst Brexit and Covid have not been easy for any company, we’re certainly excited by the future, we’ve managed to sneak through it so far,” said Nick, alluding to the fact that the last year has been Bremont’s most successful year to date.
The brand revealed that the opening of The Wing along with new boutique openings drove a 28 percent growth in annual revenue in the most recent financial year.
More change is afoot at the business — managing director Chris Reynolds has been promoted to chief operating officer “to support and enable the addition of a new CEO.” Bremont has hired executive recruitment firm Egon Zehnder to help in the search.
“We’re looking for someone who can really spearhead growth, build and deliver the ambitious plan that we’ve come up with. They have to be action orientated and challenge the status quo,” said Nick, emphasising that it’s important that the new CEO will be “charismatic” and “influence all levels across a whole wide range of stakeholders.”