Shortly after the company announced the launch of a new footwear division, Coats Group, the British multinational specializing in the manufacture of yarns and structural components for apparel and footwear, announced the sale of its Opti Zips EMEA business to Aequita for an expected $1 million after the deduction of “typical debt-like items.” The sale is meant to allow Coats to focus on its core businesses of industrial thread and footwear components and is part of the company’s “strategic initiatives to optimize its portfolio and footprint and improve its cost base efficiency,” said Coats in a statement. The deal is expected to close in the third quarter of 2023. The European Zips business generated revenues of around $50 million in 2022. Aequita is a Munich-based family office that invests in medium-sized companies.

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