Timex Group Announces Growth Recapitalization With The Baupost Group, LLC - GADGET-INNOVATIONS

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Timex Group Announces Growth Recapitalization With The Baupost Group, LLC

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Middlebury, Conn. — November 23, 2020 — Timex Group, the global maker of timepieces, today 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.”

 

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