PPM Ventures sells Swiss watchmaker

The private equity arm of Prudential has sold Roventa Henex, a PPM portfolio company for eight years, for an undisclosed price.

PPM Ventures, the London-headquartered private equity arm of UK insurer Prudential, has announced the disposal of Roventa Henex, a Swiss watchmaker.

The company was sold to Roventa’s management, which also led the original PPM-funded buyout of the business in 1997. Details of either transaction were not disclosed.

Roventa has 130 employees and operates out of locations in Switzerland and Hong Kong.

Sally Flanagan, a London-based director of PPM, led the sale for the firm.

According to a press release, Clifford Chance advised PPM. Roventa was advised by Prager Dreifuss and Ernst & Young.

Earlier this month, PPM led a syndicate of private equity investors in their exit from Finnish Chemicals in a €345 million ($450 million) trade sale.