By Adriano Marchese
Aimia said Monday that its subsidiary has agreed to acquire a majority stake in chemicals company StarChem for 25 million Canadian dollars ($18.3 million).
The Canadian investment firm said that Bozzetto Group signed a definitive share-purchase agreement to acquire a 65% share in StarChem.
Aimia said that Bozzetto’s acquisition of StarChem will expand its geographical presence and advance Aimia’s ambitions to enter the Americas through mergers and acquisition.
StarChem is based out of San Pedro Sula in Honduras and manufactures specialty chemical solutions for the textile industry. Through factories, Aimia said that StarChem has installed production capacity of about 20,000 metric tons per year, with potential for expansion.
Aimia expects StarChem to generate about C$48 million in revenue for the year ending Dec. 31.
In addition to the purchase price, the contract has a provision for up to C$12.5 million of potential earn-out based on the company meeting certain targets over the next two years.
In mid-October, Aimia launched a private placement to raise C$32.5 million to fund its operation over the next 12 to 24 months, and to support its strategic investment plans and other contingencies.
Aimia is currently the target of an all-cash takeover by Mithaq Capital, the office of the Al Rajhi family and the company’s largest investor, which began its bid last week. Mithaq is offering a price of C$3.66 a share for the stock it doesn’t already own.
Write to Adriano Marchese at [email protected]
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