Navis plans for King's Safetywear exit - report

The private equty firm is hoping to sell the Singapore-based asset for $300-$500 million, Bloomberg reported, which would translate to substantial gains. Navis purchased King's Safetywear in December 2008 for S$95 million ($74 million), and delisted it from the Singapore Stock Exchange. King's Safetywear launched on the bourse in 2003 and raised S$17.4 million in its IPO, which valued the company at S$68.1 million.

King's claims a more than 50% share of the industrial safety footwear market in Singapore, Malaysia and Indonesia, and distributes its shoes in 40 countries in Asia, Europe, North America, the Middle East, Australasia and Oceania. It further has manufacturing facilities in Indonesia, Portugal and Australia.

In January of last year, it strengthened its position through the acquisition of Oliver Footwear, Australia's biggest safety footwear manufacturer, according to the company. In addition to King's and Oliver, the company has also owned Otter, a premium segment German safety shoe brand dating back to 1887, since 2002.

Navis has been one of Southeast Asia's most active private equity investors. One year ago, it closed Navis Asia Fund VI, at $1.2 billion, surpassing the original $1 billion target.

At the time, Rodney Muse, Managing Partner at Navis, estimated that 60% of the new fund will be focused on Southeast Asian targets, while the remainder will be spread across markets such as Australia, India and Greater China.

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• Topics
• Southeast Asia
• Exits
• Consumer
• Navis Management
• Rodney Muse
• Singapore
• Exit
• Consumer