Bloomberg News

Navis Capital Said to Seek Acquirers for King’s Safetywear

September 29, 2011

Sept. 29 (Bloomberg) -- Navis Capital Partners, a Malaysian buyout firm, is seeking buyers for Singapore shoemaker King’s Safetywear Ltd., four people with knowledge of the matter said.

The fund is in talks about a sale that may value King’s Safetywear at $300 million to $500 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 S$100 million ($77 million), according to the fund’s website. King’s Safetywear raised S$17.4 million in a 2003 initial public offering that valued the company at S$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.

--Editors: Philip Lagerkranser, Mohammed Hadi

To contact the reporter on this story: Cathy Chan in Hong Kong at kchan14@bloomberg.net; Joyce Koh in Singapore at jkoh38@bloomberg.net; Wendy Mock in Hong Kong at wmock3@bloomberg.net

To contact the editor responsible for this story: Philip Lagerkranser at lagerkranser@bloomberg.net


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