KUALA LUMPUR (April 15): Private equity firm KV Asia Capital has acquired a majority stake in latex glove manufacturer G.B. Industries Sdn Bhd (GBI).
However, KV Asia's exact stake in GBI and financial terms were not disclosed.
Founded in 1987, GBI sells its rubber insulating gloves and rubber insulating sleeves under the Novax brand to global blue-chip companies across over 40 countries.
"This investment comes at the right time and will enable GBI to realise even further goals and ambitions globally. We are looking forward to grow from strength to strength with the support and strategic input from KV Asia," GBI chief executive officer and owner Ong Boon Kee said in a statement on Friday (April 15).
KV Asia co-founder and chairman Karam Butalia said the private equity firm was impressed with GBI’s position as a global name synonymous with electrical safety and see tremendous potential in GBI.
"It has demonstrated robust growth as a business in terms of market reach and profitability," he added.
KV Asia partner Jeremy Tan concurred. "We are looking forward to working together with the Ong family to transform GBI from a family-owned business into one of the largest and fastest growing personal protective equipment manufacturer."
Ernst & Young Malaysia acted as the exclusive financial advisor to the shareholders of GBI in the transaction.