Navis invests in Hong Kong-based Texon - update

Navis focuses on mid-market buyouts and is currently deploying its seventh flagship fund, which closed in 2014 at $1.5 billion. According to an announcement, Texon will use the new capital to commercialize a number of innovative material development projects, develop its presence in new markets and acquire complementary businesses.

Texon was founded in 1947 in the US, later moving its headquarters to the UK after being acquired by British United Shoe Machinery (BUSM) in 1990. It produces woven and non-woven footwear components as well as researching new materials technologies; clients include leading footwear brands such as Nike, Clarks, and Adidas. The company manufactures its products at factories in the UK, Germany and China, supplying its customers' production facilities in China and Southeast Asia.

Barclays Ventures, the PE arm of Barclays Bank, invested in Texon in 2010. Its parent had earlier placed Texon under corporate recovery following the collapse of BUSM in 2000 due to unfunded pension liabilities. Apax Partners was owner of BUSM at the time, having acquired the business in 1995. The bank took Texon out of recovery after two years, and moved it from the work group section to normal commercial banking in 2013.

"The market, the profile of the company as well as the competitive position built by Texon fit perfectly with Navis' investment strategy," said Bruno Seghin, a senior partner at Navis. "The management has secured a solid platform from which we would expand the reach of the company in terms of products, geographies and services."

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• Topics
• Greater China
• Expansion
• Industrials
• Hong Kong (China)
• manufacturing
• Navis Management