New Garmatex CEO sets out ambitious plans
14/05/2013
Martin Doane has 25 years' experience as an entrepreneur and senior business executive and is the founder of Ubequity Capital Partners, a private equity firm which will now invest in Garmatex.
“The textile market is fascinating,” said Mr Doane. “It dwarfs most of the major consumer markets. Garmatex has an amazing technology platform that is capable of evolving and expanding to serve a really big market. After successfully completing our capital raise to fully implement our business strategy, Garmatex can be a $1-billion-a- year fabric company.”
Ubequity Capital Partners will be spearheading the $15 million fundraising and is committing its own capital in advance of a planned initial public offering in 2014. The money will be used to buy Winwave Technology, a Taiwanese company that partnered with Garmatex to develop its line of proprietary fabric technologies.
Garmatex will also invest in building its sales force. “It’s both a challenge and an opportunity. You still have major companies relying on technology that is old, like cotton technology, or wool technology,” added Mr Doane. “But technical textiles are taking over in a wide range of specialised categories, and also in more conventional consumer markets.”
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