Navis Capital Partners (“Navis”), has agreed to sell its stake in Torque Group International Fortune (“Texon”) to Coats Group plc (“Coats”), the thread manufacturer, for US$237m. Texon is a leading manufacturer of high performance, sustainable materials for footwear, accessories, and functional apparel.
Rodney Muse, Managing Partner, Navis Capital, notes, “When we invested in Texon in 2016, we clearly saw the potential in its competitive, innovative, high-performance and sustainable products. Texon will continue to disrupt the premium footwear and accessories industry, and we wish our trusted partners together with the senior management team all the best for the next stage of their global growth journey with Coats.”
Jelle Tolsma, CEO, Texon, says, “We are very pleased to be joining Coats. We thank Navis for their support and strategic guidance of the business over the recent years. We believe the last six years with Navis has created a strong platform to continue driving sustainability and innovation. We believe that Coats provides us with a global platform to support the business and further accelerate our growth.”
Rajiv Sharma, Coats Group chief executive, says: “The acquisition of Texon will strengthen our existing presence in the highly attractive athleisure footwear market. The business is complementary to Coats and provides attractive future commercial opportunities as we work together leveraging our combined expertise and knowledge to succeed with our customers. We recognise and share Texon’s focus on sustainability and innovation, and believe that this acquisition strengthens our ability to fulfil these shared ambitions.”