Middlebury’s Timex Group sells majority stake to Boston investment firm

Middlebury watch maker Timex Group has sold a majority stake in the company to Boston-based investment firm the Baupost Group.

Under the deal, Timex’s shareholders will retain significant ongoing interest in the business, but the company didn’t disclose specific details. The deal should close before the year’s end, following regulatory review, according to Timex.

“We believe in the company’s strategic vision and the ability of the management team to achieve it,” said Tom Blumenthal, partner and head of private corporate investments at the Baupost Group. 

Tobias Reiss-Schmidt, who will remain Timex’ CEO following the transaction, said the deal will enable Timex to expand its business.

“With the involvement of the Baupost Group, we can accelerate market penetration in key regions and product segments,” Reiss-Schmidt said.