Gelvenor Textiles from Courthiel Holdings, owned by German corporate investor Claas Daun which manufactures industrial, technical apparel, outdoor lifestyle, protective and aeronautical fabrics has been acquired by South African private equity firm Jacobs Capital.
The transaction includes a merger with South Coast-based MB Workwear, which will become a division of Gelvenor Consolidated Fabrics.
Gelvenor CEO Dicky Coetzee said that the Gelvenor is now a 100 percent South African company for the first time in their long and successful history. This is important, as Gelvenor concludes important supply agreements with key customers within the workwear market and needs to ensure that there is no conflict of interest.
Jacobs Capital CEO Wessel Jacobs said that even though the two companies operate under the same parent company, they will continue to operate separately in the market as independent entities.
The new ownership will not result in any material changes in agreements with Gelvenorâ€™s suppliers. Most importantly, the companyâ€™s sustained growth means there is no need for staff changes.
There are also plans are in place to grow production of aeronautical textiles by at least 30% in the next year through the production of light and thin fabrics for rescue parachutes, as well as capture additional market share in the paragliding market.
The emphasis will be on further innovation and research as part of a drive to position Gelvenor as a global leader in the production of specialist fabrics. In the longer term, this could see the company expand and create further job opportunities.
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