<article><a style="color: #000080;" href="https://www.dealstreetasia.com/stories/pe-firm-navis-capital-makes-about-242m-in-nz-egg-maker-mainland-poultry-71327/" target="_blank" rel="noopener noreferrer">Navis Capital</a> is divesting its majority interest in Australian clothes retailer <a style="color: #000080;" href="https://www.dealstreetasia.com/stories/navis-tests-appetite-for-retail-apparel-group-ahead-of-ipo-next-year-46618/" target="_blank" rel="noopener noreferrer">Retail Apparel Group (RAG)</a> to South Africa&#8217;s The Foschini Group in a deal worth A$302.5 million ($225 million).</article>

<a style="color: #000080;" href="https://www.dealstreetasia.com/stories/pe-firm-navis-capital-makes-about-242m-in-nz-egg-maker-mainland-poultry-71327/" target="_blank" rel="noopener noreferrer">Navis Capital</a> is divesting its majority interest in Australian clothes retailer <a style="color: #000080;" href="https://www.dealstreetasia.com/stories/navis-tests-appetite-for-retail-apparel-group-ahead-of-ipo-next-year-46618/" target="_blank" rel="noopener noreferrer">Retail Apparel Group (RAG)</a> to South Africa&#8217;s The Foschini Group in a deal worth A$302.5 million ($225 million).
The transaction is expected to close in third quarter of this year, according to statement from Navis on Thursday.
Navis had acquired a majority interest in May 2011 in RAG, one of Australia’s leading apparel retailers, with over 400 stores across the Tarocash, Connor, yd., Johnny Bigg and Rockwear brands. The business has a broad menswear offering across Australia and New Zealand and a growing women’s athleisure range in Rockwear, appealing to a wide customer demographic.
&#8220;Since then, Navis has supported management to develop and acquire new brands, expand the store network and drive operational initiatives,&#8221; said Navis.
Gary Novis will continue as CEO under the new arrangements, together with the existing senior management team at The Foschini Group, a retailer in South Africa, UK and Australia.
Navis is being advised by Fort Street Advisers, EY and King &amp; Wood Mallesons for the deal.
Malaysia-based Navis had circled to exit the RAG investment last year after the plans to list RAG at the Australian Stock Exchange had come alive.
Navis, which manages approximately $5 billion in equity capital has one of the largest cohort of <a style="color: #000080;" href="https://www.dealstreetasia.com/stories/66594-66594/" target="_blank" rel="noopener noreferrer">private equity professionals in Asia</a> and contributes both capital and management expertise to a limited number of well positioned companies with the objective of directing strategic, operational and financial improvements.
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<a style="color: #ff0000;" href="https://www.dealstreetasia.com/stories/navis-tests-appetite-for-retail-apparel-group-ahead-of-ipo-next-year-46618/">Navis tests buyer interest for Retail Apparel Group, ahead of IPO next year</a>
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Navis Capital to divest stake in Australia's Retail Apparel Group for $225m

Navis Capital to divest stake in Australia's Retail Apparel Group for $225m

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Navis Capital to divest stake in Australia's Retail Apparel Group for $225m

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