Kaltex takes majority stake in Revman
February 19, 2003,
New York — Mexican textiles corporation Grupo Kaltex has taken a majority stake in Revman Industries through an all-stock transaction.
"Kaltex has been our biggest supplier for the last four to five years and will continue to be," Revman president and ceo Rich Roman told HTT. "However, we will continue to source all over the world for the product needed for our brands and our customers."
Exiting an ownership stake in the company under the deal is the Japanese retail conglomerate Aeon Group, previously Jusco, formerly a controlling owner. "A couple of years ago it became clear that we didn't fit their strategy and portfolio," Roman said. "We were their only marketing company."
Mexico City-based Kaltex is the largest vertically integrated textiles complex in Latin America. The deal gives it a direct stake in a U.S. supplier company. Revman's senior management team — Roman and Norm Savaria, senior vp and chief merchandising officer — are also taking a stake in the company under its current structure, Roman said.