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Investment firm buys textile instrument maker James Heal
26
Sep '14
UK-based James Heal, a 142-year old company into design and production of testing equipments for the global textile and garment industry, has been bought by a Boston based investment firm - Battery Ventures.

Boston-based Battery Ventures is an investment firm focused on technology and innovation worldwide with $4.7 billion in assets under management. None of the firms disclosed the terms of the transaction.

In partnership with Battery, James Heal will continue its tradition of pursuing growth. Battery’s additional resources will support increased investment in technology and complementary acquisitions.

James Heal offers a comprehensive product line of test instruments, test materials, services and calibration to the textile market. The company tests a wide range of textile properties including strength, abrasion, colour-fastness, flammability, pilling, snagging and shrinking.

“Amanda McLaren, James Heal’s Manufacturing Director, will take over the responsibilities of Managing Director from David Repper, while the rest of the Board will continue to lead the company under the new ownership”, James Heal said in a press release.

David Repper will continue to be involved as a consultant to James Heal on a part-time basis to assist with product development, customer relations and operations, and also to help to ensure a smooth transition period.

As part of the deal, Battery Executive-in-Residence, Don Templeman will join James Heal as Chairman and Director. Templeman has over 20 years of global, general-management experience and was previously CEO of Princeton Instruments Inc.

“The opportunity to put my industrial-technology background to work with such an established, yet cutting-edge company is tremendously appealing, and I look forward to working with existing management to take James Heal’s business to the next level,” Templeman said.

“Battery is an experienced and knowledgeable investor in the test and measurement market,” said David Repper. “We look forward to working together to continue the James Heal methodology of unparalleled textile-technology expertise, design and innovation.”

James Heal has won two Queen’s Awards, in 2012 and 1995, the highest and most prestigious corporate business award in the United Kingdom. (AR)

Fibre2fashion News Desk - India

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