Breitling had remained one of the last big-time family-owned watch brands since its founding in 1884. However, that changed this year when CVC Capital Partners purchased the Swiss watch brand for somewhere in the range of $873 million.

Most other famous watchmakers are now under the umbrella of conglomerates such as Swatch Group, LVMH, Richemont, and Kering, and now Breitling is owned by CVC, a private equity and investment firm based in Luxembourg.

Former majority owner Theodore Schneider will stay on with Breitling, with part of the deal requiring him to reinvest a 20-percent stake in the brand. It was Ernest Schneider, Theodore’s father, who purchased Breitling back in 1979 and ran the company into the 1990s before handing operations over to his son.

“Using our network and expertise, CVC will work to make this global, iconic brand even more renowned and help shape the future of one of Switzerland’s last independent watch manufacturers,” CVC Senior Managing Director Daniel Pindur said about the purchase, although Breitling is technically no longer independent. “Specifically, we see significant growth potential for Breitling in both existing and new geographies by driving the digitization of the marketing and distribution channels in the company, helping to enrich the product and customer experience.”

The sale is slated to be fully completed sometime during June of this year.