Garmatex identifies opportunity in performance textiles

“It’s what they obviously thought was a great-performing exterior cushion covering — a kind of coated canvas,” says Doane. “But it’s faded, it’s stained, and although it’s supposed to be quick drying, it doesn’t repel water very well.”

In his head, Doane is adding up the hundreds of millions of dollars he estimates patio furniture makers spend every year buying textiles. “It’s a market we could attack in a heartbeat,” he says. “We can manufacture superior furniture coverings that would knock the socks off whatever is out there in the market.”

By we, he means Garmatex Technologies, Inc., the Vancouver-based manufacturer of revolutionary microfiber fabrics that has recently appointed Doane as its Chief Executive Officer. Doane’s challenge is to put his foot down hard on the accelerator and drive Garmatex towards its goal of becoming a major international player in the market for technology-driven textiles.

Doane is the founding partner and CEO of Ubequity Capital Services, with offices in Toronto, Vancouver, New York, Los Angeles and London, U.K. His two decades of experience, first as a lawyer and now as a merchant banker, have honed his skills in the fields of corporate finance, mergers and acquisitions, financial services and venture capital. As Ubequity’s director of strategy and business development, he specializes in identifying promising business opportunities and driving them forward through capital infusions, acquisitions and managerial advice.

Before Garmatex, he acted as CEO for technology start-up Silverback Media PLC, which he grew in less than three years from a mere idea to a multi-national mobile solutions group with a revenue base of $25 million and 100-plus employees.

Technology fascinates Doane, in whatever form it comes. And textiles are no exception.

What caught his eye at Garmatex, he says, was its “unique approach” to a technological protocol that over the past 10 years has led to the development of a range of more than 30 performance fabrics, including KottinuTM which can be used wherever inferior cotton products have been the standard –“a huge opportunity in itself”.

“The textile market is fascinating for us,” says Doane. “It dwarfs most of the major consumer markets. And Garmatex has this 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.”