Navis goes back to Singapore for TriStar

The SE Asian-focused firm has secured its seventh deal in the country

Navis Capital Partners has bought a majority stake in Tri-Star, a Singapore-based oil and gas component manufacturer.

It is Navis's seventh deal in the country, but its first in 2014. Terms were not disclosed.

Tri-Star makes corrosion-resistant products for companies operating in the oil and gas sector. Based in Singapore, it also exports to Indonesia, Australia, China, Middle East and USA, Navis said.

“Tri-Star is an outstanding company with excellent management, strong operations, a global network, and a list of blue-chip clients,” partner Jean-Christophe Marti said in a statement.

Tr-Star CEO Perry Lim said the partnership with Navis “adds financial strength and allows us to take advantage of growth opportunities that are available in new geographies and business segments”.

Navis's most recent investment in Singapore came last last year, when it bought a majority stake in waste maangement company TES-Envirocorp. The previous year, it had completed a successful exit in the country with the sale of footwear brand King's Safetywear, which netted the firm a 4x return on its investment.

Kuala Lumpur-based Navis is currently tying up fundraising for its seventh fund, which according to earlier media reports had surpassed its $1.3 billion target and was closing in on its $1.5 billion hard cap. The fund, which held a first close on $860 million in December, has a pan-Asian strategy, but will maintain a strong focus on Southeast Asia.

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 its website.