Navis invests in Hong Kong-based Texon – update
Tuesday, April 05, 2016
(AVCJ by Holden Mann) – Navis Capital Partners has acquired Hong Kong-based footwear component manufacturer Texon International Group for $75-$125 million, AVCJ understands, buying a controlling stake held by Barclays Ventures.
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.
