Aimia, a Canadian investment firm, has announced its subsidiary’s agreement to acquire a majority stake in chemicals company StarChem for 25 million Canadian dollars ($18.3 million). The deal, signed by Bozzetto Group, will see them acquire a 65% share in StarChem.
Ambitious Expansion Plans
The acquisition of StarChem by Bozzetto will help Aimia expand its geographical presence and enable the company to make its mark in the Americas through mergers and acquisitions. StarChem, headquartered in San Pedro Sula, Honduras, specializes in manufacturing specialty chemical solutions for the textile industry. Aimia highlights that StarChem’s factories have a production capacity of about 20,000 metric tons per year, with the potential for further expansion.
Encouraging Revenue Projections
Aimia predicts that StarChem will generate approximately C$48 million in revenue for the year ending on December 31. The contract also includes a provision for up to C$12.5 million of potential earn-out, subject to the company meeting certain targets over the next two years.
Financial Support for Growth
To fund its operations, strategic investment plans, and other contingencies over the next 12 to 24 months, Aimia recently launched a private placement to raise C$32.5 million. This move aims to support the company’s growth amidst its current all-cash takeover bid by Mithaq Capital, the office of the Al Rajhi family and Aimia’s largest investor.
