Roventa-Henex, one of Switzerland’s largest private label watch manufacturers, was bought out from its private shareholders in a managment buyout structured and led by PPM Ventures. Terms of the transaction have not been disclosed.
Roventa-Henex has operations in Switzerland, Hong Kong and the UK, where it trades as Avia Watch Company. The company manufactures products for a number of leading watch brands. Annual sales of close to one million watches and a turnover of CHFr 120 million (ecu 75 million) rank it as one of Switzerland’s ten largest watchmakers.
PPM Ventures announced the completion of the deal shortly after it confirmed its intention to establish a Continental presence via operations in Germany and France. HSBC Investment Bank arranged and underwrote senior debt and working capital facilities for the deal, with Swiss Bank Corporation acting as co-arranger.