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Navis Capital’s Phil Latham has every industrials banker on the street wrapped around his little finger as he mulls the future of the firm’s Device Technologies, which has punched through $100 million EBITDA and could fetch more than $1 billion in a sale.

Street Talk understands the Kuala Lumpur-headquartered buyout firm has started taking pitches from investment banks keen to land a sell-side advisory role for Device Technologies, six years after it bought the asset from Pemba Capital.

Sources confirmed Navis is eyeing a sale process in the first half of 2025, subject to market conditions. Investment banks were told Navis would likely mandate one or two banks after its annual general meeting rolls around in the second week of November.

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• Argonaut snares institutional boss from Canaccord Genuity
• Macquarie’s venture division plugs into manufacturing platform Atelier
• Equipment financier Coex Capital secures $200 million warehouse, fresh equity

• Quadrant Private Equity loses control of Rockpoolto private credit
• Ed Peter’s Duxton Pubs dangles 2025 IPO as it seeks $35 million
• Rio Tinto mulls share issuance after $9.9 billion lithium splurge

David Jones, the 186-year-old department store chain that was acquired by Sydney’s Anchorage Capital Partners for a bargain price in 2022, is poised to rule off a $190 million refinancing deal. Nomura and Gordon Brothers have been secured as lead lenders with Soul Patts and Hilco tapping out of the debt stack.

Australian shares rose on Thursday, pacing Wall Street higher as expectations of more policy easing in China underpinned anything linked to commodities.

Click here for the latest equity market wrap.