Brookfield Asset Management is in talks to acquire Hong Kong clothing label maker Trimco from private equity firm Affinity Equity Partners, Bloomberg News reported on Wednesday.
The firms are working up the details of a transaction that could value Trimco at as much as $1 billion, with Brookfield weighing potential financing banks for the deal that could lead to an agreement being reached in a few weeks, the report said. Talks are ongoing and could still face delays or fall apart, it added.
Trimco, founded in 1978, is a supplier for more than 800 brands, including international fashion and sports brands, with over 1,700 employees in 21 countries. It specialises in care labels, source tagging, packaging, store decorations and more. Affinity acquired Trimco from Swiss-based PE firm Partners Group for $520 million four years ago.
Canadian investment management company Brookfield manages more than $750 billion in assets under management, investing in renewable power and transition, infrastructure, private equity, real estate and credit and insurance solutions. It has operations in more than 30 countries across five continents with 2,000 investments globally.
Affinity is a pan-Asian PE company with about $14 billion in total assets that focuses on leveraged buyouts and growth capital transactions in consumer, retail, food and beverage, healthcare services, entertainment and media, financial services, software and business services.