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Bill Ackman backs Bremont

Getty image of Bremont watch in case

Photo: Simon Dawson/Bloomberg via Getty Images

Billionaire hedge fund manager Bill Ackman made a minority investment of £48.4 million in U.K.-based luxury watch brand Bremont, alongside existing investor Hellcat, the Financial Times reports.

Why it matters: Ackman, according to the article, said Bremont had the potential to reach the size of Swiss watchmaker Breitling, which was valued at $4.5 billion in December.

Details: Ackman, whose investment valued Bremont at more than £100 million, put up his own money for the deal.

  • He got to know the company and its founders — brothers Giles and Nick English — last summer after buying some of its watches.
  • The founder of Pershing Square Capital Management said he is a long-term shareholder in this instance and will help it secure a new CEO.
  • Ackman went on to say that it was a preferable option to have him as an investor rather than PE or a sale.

The intrigue: He likened his personal investment in companies to art collecting and won't do a deal if it takes more than 15 minutes.

Of note: Bremont reportedly invested £20 million in a watchmaking facility in England.

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