Navis Capital Pays $152M for Photon Division

Malaysian buyout firm Navis Capital has acquired Australia firm Photon Group‘s Field Marketing & Retail Agencies division for A$146.5 million ($152 million), Reuters reported Thursday. Navis this week also agreed to sell its safety footwear asset Kings Safetywear to U.S. diversified manufacturer Honeywell International for $338 million.

(Reuters) – Malaysia based private equity fund Navis Capital has acquired Australia firm Photon Group’s Field Marketing & Retail Agencies division for A$146.5 million ($152 million), Photon said on Thursday in a statement.

Navis this week agreed to sell its safety footwear asset Kings Safetywear to U.S. diversified manufacturer Honeywell International Inc for $338 million.

The private equity firm took Kings Safetywear private in December 2008 for S$95 million ($75 million), media reports said at the time. The firm was previously listed on the Singapore stock exchange.

Navis, run by former executives of Boston Consulting Group, manages around $3 billion in equity capital and last year raised $1.2 billion in a new fund, Navis Asia Fund VI.