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.
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