Damiani Group has signed an agreement to acquire Swiss watchmaker Baume & Mercier from luxury titan Richemont. The financial terms of the transaction were not disclosed.

Founded in Valenza, Italy, in 1924, Damiani Group’s portfolio includes namesake brand Damiani as well as jewelry brands Salvini, Bliss, and Calderoni. The group also owns Rocca, a multi-brand luxury watch and jewelry distributor, as well as Venini, an artistic glassmaker based in Murano, Italy.

“Richemont and the Damiani Group believe that Baume & Mercier’s long-term potential will be best realized as part of the Damiani Group, given the maison’s strong footprint in Italy, its predominantly multi-brand wholesale distribution model, and its accessible positioning in the luxury watch segment,” Richemont said in an announcement shared Thursday.

The watch brand’s history goes back to 1830, when Louis Joseph Baume opened a watchmaking counter in Les Bois, Switzerland. It became Baume & Mercier in 1918, when one of his descendants, William Baume, partnered with Paul Mercier. Cartier acquired Baume & Mercier, as well as Piaget, in 1988. Cartier was later acquired by Richemont, bringing both brands into its portfolio.

The Damiani Group’s strategy for the brand involves enhancing its visibility by leveraging its distribution network. It also plans, in time, to open select mono-brand boutiques in strategic locations. As part of the transition, Richemont said it will provide operational services for Baume & Mercier for an interim period of at least 12 months after closing as Damiani Group works to integrate it within its own operations.

The transaction, subject to certain conditions, is expected to close this summer.