Navis Capital Exits King’s Safetywear

Malaysia-based private equity firm Navis Capital Partners has exited its investment in King’s Safetywear Ltd, a maker of protective shoes for workers in factories, mines and other industrial environments. U.S. manufacturer Honeywell International Inc. is paying $338 million for the company, Reuters reported Tuesday.

(Reuters) – Diversified U.S. manufacturer Honeywell International Inc. said it would pay $338 million to buy King’s Safetywear Ltd, a maker of protective shoes for workers in factories, mines and other industrial environments.

The deal, disclosed on on Tuesday and expected to close early next year, will add a business with about $138 million in annual revenue to Honeywell’s lineup of safety equipment for workers, which also includes helmets, gloves and respirators.

Honeywell said the purchase price represents a multiple of about 11.5 times King’s estimated 2011 earnings before interest, taxes, depreciation and amortization. It is buying King from Malaysia-based private equity firm Navis Capital Partners, which manages about $3 billion in equity capital.