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PPM sells Roventa to the management team of the Swiss watchmaker

Mid-market private equity firm PPM Ventures has agreed to sell private label watch manufacturer Roventa Henex to Roventa's management team. Financial details of the transaction have not been disclosed but it is understood that PPM only generated a small return on its investment. PPM led the original management buy-out in 1997, backing the existing management team.

The Swiss independent watch manufacturer specialises in the design, development and production of watches for premium brands. The business, which employs 130 personnel, operates out of Bienne and Tavannes in Switzerland and also has offices in Hong Kong.

Roventa's CEO Marc Kueffer said, 'We are delighted to have this opportunity to further maximise the potential of the business and take Roventa onto the next stage of its development.'

Sally Flanagan, a director of PPM, added, 'The sale of Roventa, which is PPM's third realisation in twelve months, illustrates our continued strategy of backing businesses in partnership with high calibre management teams.'

PPM, with offices in London, Munich, Paris and Sydney, is the private equity arm of financial services group Prudential and has more than €2bn of allocated funds available for investment. The firm has established a reputation for its expertise in the healthcare, consumer, business and financial services sectors.

Earlier this year, a PPM-led syndicate of investors agreed to sell pulp chemicals producer Finnish Chemicals Oy to Kemira Oyj, an international chemicals business with headquarters in Finland, for €345m. The transaction is still subject to regulatory approvals. In 2004 PPM sold Basingstoke-based diagnostic products manufacturer Oxoid Group Holdings to Fisher Scientific International for £177.5m.

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