(Bloomberg) -- Asian buyout firm Navis Capital Partners is considering reviving the sale of its footwear materials supplier Texon, which could fetch about $300 million, according to people familiar with the matter.
Navis is working with boutique investment bank BDA Partners on the potential sale, the people said, asking not to be identified discussing confidential information. The private equity firm previously looked to hire a financial adviser to gauge interest for Texon, Bloomberg News reported in early 2020. The previous sale process was not launched due to the Covid-19 outbreak and a lukewarm market, one of the people said.
Details of the potential sale such as Texon's valuation could change and the buyout firm could ultimately decide to keep the asset, the people said. A representative for Navis said the firm doesn't comment on transactions until they are completed, while a BDA representative didn't immediately respond to a request for 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.
Established in 1998, Navis manages more than $5 billion in private equity capital with a focus on Southeast Asia. The investment firm acquired Texon from a unit of Barclays Plc in 2016 for an undisclosed amount, with the management of the company retaining a significant stake in the business.
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