Buyout Firm Navis Weighs Sale of Nike Supplier Texon

(Bloomberg) -- Asian buyout firm Navis Capital Partners is exploring a sale of its footwear materials supplier Texon amid interest from potential acquirers, people familiar with the matter said.

Navis is seeking to hire a financial adviser to gauge interest in Hong Kong-based Texon, according to the people, who asked not to be identified because the matter is private. A sale of the company could fetch $200 million to $300 million, the people said.

A formal sale process is likely to start later this year, the people said. Considerations are at an early stage, and no final decision has been made, the people said.

A representative for Kuala Lumpur-based Navis declined to comment.

Texon supplies non-woven and cellulose materials used in shoes for companies including Nike Inc., Adidas AG and Decathlon SA. Its products are also used in clothing, luggage and handbags. The company counts more than 400 employees and has a presence in 90 countries, according to its website.

Navis, which was founded in 1998, manages about $5 billion in private equity capital with a focus on Asia. The investment firm bought Texon from Barclays Plc in 2016 for an undisclosed amount, with the management of the company retaining a significant stake in the business.

--With assistance from Elffie Chew.

To contact the reporters on this story: Manuel Baigorri in Hong Kong at mbaigorri@bloomberg.net;Vinicy Chan in Hong Kong at vchan91@bloomberg.net

To contact the editors responsible for this story: Fion Li at fli59@bloomberg.net, Ben Scent

©2020 Bloomberg L.P.