Navis Capital Partners has closed an investment in Singapore-headquartered Cladtek Holdings, buying a significant equity stake in the business for an undisclosed amount, according to a statement.
Cladtek provides anti-corrosion technology used in oil and gas pipelines, and manufactures corrosion-resistant clad pipes to a global customer base.
Navis only invests in control positions, but the Cladtek founder will remain a shareholder and continue to run the business with a focus on expansion into the Middle East and South America.
“Cladtek is a young company which is currently undergoing tremendous growth. In the past three years, it has grown its revenue substantially to become a leading player in the pipe cladding business globally,” Rodney Muse, co-founding partner of Navis, said in a statement.
“We are looking forward to working with the management team to continue growing the business and to consolidate its position in both its weld overlay and mechanical lined pipe segments. As always, we will be assessing organic and inorganic growth opportunities to take the company into new markets.”
Navis recently raised $1.3 billion for its seventh pan-Asia fund and has been actively investing.
In July, the firm bought a majority stake in Tri-Star, a Singapore-based oil and gas component manufacturer, as its seventh deal in the country, although first in 2014.
Earlier this year Navis also bought a majority stake in Hong Kong-based paper chemicals company Amazon Papyrus Chemicals Group, although the equity for this deal came primarily from the firm's previous fund, according to the firm.