Luftwaffe Observer's watch origins

I inherited a 'Laco' Observers Watch from my late father but unfortunately have no history as he never mentioned it while he was alive. So no idea how he came by it.
I'd like to know more of it's history if I can.
Does anyone know if it's possible to track down who the piece might have been assigned to, their history etc from it's serial number please and if so, where to start?