Navis Capital Partners, a Malaysian buyout firm, is seeking buyers for Singapore shoemaker King’s Safetywear, four people with knowledge of the matter said.
The fund is in talks about a sale that may value King’s Safetywear at US$300 million to US$500 million ($650 million), the people said, asking not to be identified because the discussions are private. They declined to provide names of possible acquirers. A deal may be completed by year-end, one person said.
The fund is in talks about a sale that may value King’s Safetywear at US$300 million to US$500 million ($650 million), the people said, asking not to be identified because the discussions are private. They declined to provide names of possible acquirers. A deal may be completed by year-end, one person said.
Navis Capital took the maker of industrial safety footwear private in December 2008 for about $100 million, according to the fund’s website. King’s Safetywear raised $17.4 million in a 2003 initial public offering that valued the company at $68.1 million.
Singapore-based King’s Safetywear markets its products under the King’s, Otter and Oliver brands, according to its website. The firm, led by Chief Executive Officer Alex Teo, was established in 1965 and has manufacturing facilities in Indonesia, Portugal and Australia.
An executive at Navis Capital, who asked not to be identified citing company policy, declined to comment on the sale in a phone interview today.
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