Leading global law firm, Baker McKenzie, has advised Coats Group plc, the world’s leading industrial thread manufacturer, on the acquisition of Texon, a leading manufacturer of high-performance sustainable materials for footwear, accessories and functional apparel, from Navis Capital Partners for US$237m.

Texon, which has operations in Asia and Europe, provides high-quality structural components to the global footwear market and has a long heritage as a proven supplier to the world’s leading brands. It is a complementary addition to Coats’s existing footwear business with attractive commercial opportunities from leveraging Coats’s existing footprint.

The Baker McKenzie team was led by London Corporate Partner Ash Tiwari with support from Senior Associates Indhu Birdy and Alex Gee, Associates Niraj Visani, Jonathan Tham and India-Rose May and Trainee Isabel Fidderman. 

Specialist banking advice was provided by Finance Partner, Matt Cox and Associate Chloe Potter. Tax advice was provided by Tax Partner Alistair Craig and Associate Thomas Roberts. Competition Partner Luis Gomez and Associate Zareenah Rasool advised on the merger control aspects of the transaction. Employment advice was provided by Partner, Stephen Ratcliffe, Of Counsel Annabel Mackay and Associate Matt Carson. IP advice was provided by IP & Technology Senior Associate Ash von Schwan and Trademarks advice was provided by Senior Trade Mark Associate, Claire France. Commercial contracts advice was provided by Sue McLean, Senior Associate Gill Parnell advised on the share incentives aspects and Corporate Partner Tracy Wut advised on Hong Kong law aspects. 

Lazard acted as financial advisor to Coats. Clifford Chance acted as legal counsel and BDA Partners acted as financial advisor to Navis.

Commenting on the transaction, London Corporate Partner Ash Tiwari, said: "We are delighted to have supported the Coats team on this strategically important transaction and we look forward to seeing Texon grow under Coats’s leadership."
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