Navis completes buyouts in Australia, Singapore

Financial details were not disclosed.

The Dôme deal represents Navis's second investment in the company. The GP originally acquired a stake in the business in 2003 through its Navis Asia Fund III, before exiting to Viburnum Funds in 2008. The current transaction was executed via Navis Asia Fund VI and backs the same management team from the 2003 investment.

Nicholas Bloy, co-founding partner of Navis, identified three distinct opportunities for the company: consolidating its leading position in Australia; adding momentum to its growth trajectory in Southeast Asia and the Middle East; and building upon its existing products and services.

Cladtek manufactures corrosion-resistant clad pipe, primarily supplying the oil and gas sector. The firm counts Aramco, Samsung, McDermott, Saipem and Petronas, among its clients. Cladtek's founder will remain as a shareholder and continue to run the business with a focus on further expansion in the Middle East and South America.

"Cladtek is a young company which is currently undergoing tremendous growth. In the past three years, it has grown its revenue substantially to become a leading player in the pipe cladding business globally," said Rodney Muse, co-founding partner at Navis. "As always, we will be assessing organic and inorganic growth opportunities to take the company into new markets."

Navis has now completed four buyouts this year. It previously bought Hong Kong-based paper and pulp process chemical solutions provider Amazon Papyrus Chemicals Group and , a Singapore-based component manufacturer for the oil and gas sector.

Navis was established in 1998 and has completed 62 investments across the region, of which nearly 20 have been follow-on transactions. It focuses exclusively on buyout opportunities and most exits come via trade or secondary sales.

The private equity firm has around $5 billion in equity capital and completed fundraising for its seventh Asia fund in February with approximately $1.3 billion in commitments from LPs. The Malaysia-headquartered GP is also raising a shariah-compliant parallel vehicle, which is now expected to close in October, taking the total to about $1.5 billion.

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• Topics
• Industrials
• Southeast Asia
• Buyouts
• Consumer
• Australasia
• Navis Management
• Singapore
• buyout
• manufacturing
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• Australia