Longreach sells exposure in upscale watch retailer Kennedy to Muzinich
Australian private debt investor Longreach Credit sold its exposure in uptown wristwatch retailer Kennedy.
Australian private debt investor Longreach Credit Investors has sold its exposure to upscale wristwatch retailer Kennedy to private credit fund Muzinich & Co, according to three sources with knowledge of the situation.
Financial adviser Trident Debt Capital Advisors had been shopping around the debt refinancing, which completed three months ago. Longreach made some money on its original investment, two of the sources said.
A source with knowledge of the situation said Kennedy customers' money may have other requirements like mortgage pressures. Still, Kennedy customers were spending on luxury items instead of things like travel during the pandemic, which saw a spike in Kennedy's sales and a waitlist for their products, the source said.
Kennedy retails brands like Cartier, Rolex, OMEGA and Longines and is the official timekeeper of the AFL, according to its website.
