TORONTO, March 17,
2023 /CNW/ - Aimia Inc. (TSX: AIM), a holding company
focused on long-term global investments, is pleased to confirm that
it has closed the previously announced acquisition of Tufropes Pvt
Ltd. as well as substantially all the net assets of India Nets
(collectively, "Tufropes") for the net purchase consideration of
$235.1 million(1).
A comprehensive Tufropes presentation was made available on
Aimia's website on Thursday, March 16,
2023, at:
www.aimia.com/investor-relations/events-presentations.
Phil Mittleman, CEO of Aimia,
said: "Today marks an important milestone for Aimia as we close our
first acquisition since the sale of our PLM stake in the second
half of last year. As a global leader in high-performance synthetic
fiber ropes and netting solutions for global aquaculture, maritime,
and other various industrial end markets, Tufropes has a long track
record of revenue growth, leading EBITDA margins and strong free
cash flow generation. Tufropes, as well as our previously announced
acquisition of Bozzetto, will form the backbone of our strategy to
continue to acquire businesses that generate significant cash flow
for Aimia, utilizing our sizeable tax assets, while presenting
strong opportunities for further growth."
Mr. Mittleman added, "I would also like to thank the Goel family
for 31 years of stewarding this company through an incredible
period of growth and for their help in transitioning the ownership
of this company to
Aimia."
About Aimia
Aimia Inc. (TSX:
AIM) is a holding company
with a focus on making
long-term investments in public and private
companies, on a global basis, through controlling or minority
stakes.
The company owns a portfolio of investments which include: 100%
equity stake in Tufropes, a global manufacturer of high-performance
synthetic fiber ropes and netting solutions, a 10.85% equity stake
in Clear Media Limited, one of the largest outdoor advertising
firms in China, a 48.8% equity
stake in Kognitiv, a B2B technology company enabling collaborative
commerce, a 11.8% equity stake in TRADE X, a global B2B
cross-border automotive trading platform, as well as wholly owned
investment advisory business, Mittleman Investment Management,
LLC.
For more information about Aimia, visit www.aimia.com.
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1 Total
consideration of $252.6 million reduced by $17.5 million of a
provisional working capital closing adjustment.
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SOURCE Aimia Inc.