GENERATED $47 MILLION IN ADJUSTED EBITDA IN 2022 WITH 14.5% ADJUSTED EBITDA
MARGIN
(All {gures in Canadian dollars unless otherwise noted and are subject to change due to currency |uctuations)
Toronto, March 6, 2023 – Aimia Inc. (TSX: AIM) has announced today that it has signed a de{nitive agreement to acquire
substantially all of the issued and outstanding shares of Giovanni Bozzetto S.p.A. (referred to as “Bozzetto Group”,
“Bozzetto”, the “Company”) from Chequers Capital and other minority shareholders.
Acquisition of Bozzetto
The purchase price will be based on an enterprise value of approximately $328 million . It is anticipated that the
acquisition will be {nanced with a combination of cash and debt, with an expected level of debt of around 3x Adjusted
EBITDA, or approximately $135 million. Bozzetto achieved annual revenue of approximately $326 million and
Adjusted EBITDA of $47 million with an Adjusted EBITDA margin of 14.5% for the {scal year ended December 31,
2022, with higher than 80% free-cash |ow conversion . Transaction closing, which is subject to regulatory approval and
other customary closing conditions, is expected to occur before the end of the second quarter of 2023. The executive
management team of Bozzetto will reinvest a material portion of their net proceeds from the sale representing a
minority position of up to 6%.
Founded in 1919 and headquartered in Filago, Italy, Bozzetto is a leading ESG-focused provider of specialty chemicals,
manufacturing over 2,000 proprietary chemicals to service its core textile, water solutions, and dispersion end markets.
With a product portfolio comprised of over 75% ESG-focused chemicals, Bozzetto has built a strong reputation as a
pioneer of developing ESG-focused solutions that align with secular purchasing criteria trends and key customers’
stated sustainability initiatives, including the bene{ts of a circular economy, and reduction in water, energy, and
hazardous chemicals.
Bozzetto currently operates with a global industrial footprint of 6 manufacturing facilities, servicing over 1,500 customers
in more than 90 countries. Sales are generated across EMEA (49%), South-East Asia (24%), Turkey (15%), the Americas (8%)
and China (4%). Under Aimia’s ownership, the Company will seek to substantially expand into the Americas and Asia
organically and through accretive acquisitions, further diversifying Bozzetto’s historically European presence.
Paladin Private Equity, LLC will act as Aimia’s partner on the transaction. In connection thereto, upon closing of the
transaction, Aimia and Paladin will enter into certain agreements on customary terms and conditions and providing for,
among other things, minority governance rights, preferred return for Aimia, certain carry related rights to the bene{t of
Paladin, and an option for Paladin to acquire up to a 19.9% minority equity position of Bozzetto within one year of
closing. Tariq Osman and Eric Hauser of the Paladin team will join the Board of Directors of Bozzetto and support its
strategic growth initiatives.
Phil Mittleman, CEO of Aimia, said: “With an over 100-year history of operations, high margins coupled with strong cash
|ow conversion, and an excellent management team, Bozzetto represents an outstanding opportunity for Aimia to
invest in an ESG-focused, global market leader. Over the past 18 months, the specialty chemicals industry has endured
one of the most dif{cult periods in its history—including a spike in raw material prices, Covid-induced supply chain
shortages and rapidly rising energy prices. Despite these challenges, Bozzetto remained resilient and maintained its
strong growth and free cash |ow pro{le. We see signi{cant opportunities to continue to grow this business both
organically and through accretive acquisitions, and we are in advanced discussions with several potential targets.”
Mr. Mittleman added, “Once both Bozzetto and our previously announced acquisition of Tufropes close, these two
subsidiaries will have generated approximately $72 million in Adjusted EBITDA for their most recent {scal years, with
high free cash |ow conversion, providing Aimia with a very strong foundation on which we will continue to build.”
Roberto Curreri, CEO of Bozzetto, said: “This is a great moment for the Bozzetto Group. Our company has built upon its
long-term heritage and over the last decade has been able to combine that with a renewed value proposition, which
has been the main factor enabling us to face a number of challenges with con{dence, and success. With the support of
Chequers, the Group has diversi{ed its product lines and geographical presence in its core markets through strategic
acquisitions. Aimia is presented with a unique opportunity to continue down this path and grow further, with a
particular focus on America. I am very excited about this new partnership and am fully committed to leading the
company to even greater heights.”
Philippe Guérin, Managing Partner of Chequers Capital declared: “Bozzetto is a perfect illustration of these highly
performing Italian companies with strong industrial know-how, sustained innovation, commercial dynamism and run by
high quality managers. With the support of Chequers, the Bozzetto team has been able to shift the portfolio of activities
of the group towards fully ESG-compliant products, enhance its operations and make acquisitions to double the sales of
the group within 5 years and almost triple its pro{ts. It was a pleasure to back Bozzetto during these 5 years of
uninterrupted growth and continued operational improvement and we wish all success to Aimia and the Bozzetto
management team in this new phase of development.”
Posted on March 6, 2023 by Aimia in News
Archives
26/04/2023 14:50 Aimia Announces Acquisition of Bozzetto Group for $328 Million – Aimia
https://www.aimia.com/aimia-announces-acquisition-of-bozzetto-group-for-328-million/ 2/3
Paladin’s founder and Managing Partner, Tariq Osman, added: “We are thrilled to partner with Aimia to support
Bozzetto’s outstanding management team for the Company’s next chapter of growth. Paladin is particularly excited to
support a growth strategy to expand into the Americas as we believe this aligns well with the reshoring trend in the
textile industry. Together with Aimia, Paladin intends to extend Bozzetto’s already excellent ESG credentials by
supporting a program of operational initiatives aimed at reducing greenhouse gas emissions, improving productivity,
reducing costs and generating new carbon offset revenue streams.”
Aimia and Paladin were advised by Latham & Watkins. Chequers was advised by ADVANT Nctm and Lazard and
Fineurop Soditic, while the Bozzetto management team was advised by GOP.
Conference Call Information
Aimia has {led presentation slides which are now available at www.aimia.com/investor-relations/events-presentations
and which will be {led on SEDAR and will be available at www.sedar.com. Aimia will discuss this acquisition on its
upcoming earnings call at 8:30 a.m. Eastern Standard Time on Thursday, March 16, 2023. The call will be webcast at the
following URL link: https://present.webinar.net/gkYLylQoWXv.
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: a 10.85% stake in Clear Media Limited, one of the largest
outdoor advertising {rms in China, a 48.8% equity stake in Kognitiv, a B2B technology company enabling collaborative
commerce, a 10.8% equity stake in TRADE X, a global B2B cross-border automotive trading platform as well as a wholly
owned investment advisory business, Mittleman Investment Management, LLC. Upon closing of the previously
announced acquisition of Tufropes Pvt Ltd. as well as certain business undertakings of India Nets (together referred to
as “Tufropes”), and the recently announced acquisition of Bozzetto; Tufropes and Bozzetto will be added to the
company’s portfolio of investments.
For more information about Aimia, visit www.aimia.com.
About Paladin Private Equity LLC
Paladin Private Equity LLC (“Paladin”) is a global private equity {rm based in the US (Los Angeles & New York) and
Germany (Hamburg) with a focus on investing in and building global market leaders within the industrial technology
sector. Paladin’s investment strategy targets unique companies that dominate highly attractive niche markets
encompassing highly-engineered, manufactured products and technology-enabled, business services. These
companies are distinguished by deep and sustainable competitive advantages and with as yet unful{lled global growth,
lean management and digital technology performance improvement potential. Paladin’s investment team, board of
directors and senior advisor network have extensive experience advising management teams on global sales &
marketing growth strategies (including new product development and geographic expansion), executing and
integrating global M&A, optimizing complex global manufacturing, procurement, and supply chains and pioneering the
use of lean management and cutting-edge digital technology to automate and modernize operations for maximum
ef{ciency, quality, innovation and safe operations.
Find out more at http://www.paladinprivateequity.com.
About Bozzetto
Founded in 1919 and headquartered in Filago, Italy, Bozzetto is one of the world’s largest ESG-focused providers of
specialty sustainable chemicals, offering sustainable textile, water and dispersion chemical solutions with applications in
several end-markets including the textile, home and personal care, plasterboard and agrochemical markets. Bozzetto
has over 1,500 long-standing clients in over 90 countries, an exceptionally vast portfolio of over 2,000 products and a
global production footprint with 6 manufacturing facilities and over 500 employees worldwide.
Find out more at www.bozzetto-group.com.
About Chequers
Founded in 1972, Chequers Capital is one of Europe’s leading mid-market buy-out {rms, focused on B2B sectors, in
particular on B2B Services and Asset Light Industrials, and active in the main Continental Europe economies including
Italy, France and DACH. Chequers team of 23 experienced investors support the managers of its portfolio companies in
their international development projects, organically and through acquisitions. Chequers is currently investing its 18th
investment vehicle which will follow this consistent strategy.
Find out more at www.chequerscapital.com.
Forward-Looking Statements
This press release contains statements that constitute “forward-looking information” within the meaning of Canadian
securities laws (“forward-looking statements”), which are based upon our current expectations, estimates, projections,
assumptions and beliefs. All information that is not clearly historical in nature may constitute forward-looking
statements. Forward-looking statements are typically identi{ed by the use of terms such phrases such as “anticipate”,
“believe”, “could”, “estimate”, “expect”, “intend”, “may”, “plan”, “predict”, “project”, “will”, “would” and “should”, and similar
terms and phrases, including references to assumptions.
Forward-looking statements in this press release include, but are not limited to, statements with respect to the closing
of the Bozzetto acquisition (including its timing) and the Tufropes acquisition; Bozzetto’s executive management team
reinvestment of a material portion of their net proceeds from the sale, representing a minority position of up to 6%; the
expansion of Bozzetto’s operations in the Americas and Asia organically and through accretive acquisitions; the debt
{nancing with respect to the Bozzetto acquisition and the Tufropes acquisition (including the leverage ratio).
Forward-looking statements, by their nature, are based on assumptions and are subject to known and unknown risks
and uncertainties, both general and speci{c, that contribute to the possibility that the forward-looking statement will
not occur. The forward-looking statements in this press release speak only as of the date hereof and re|ect several
material factors, expectations and assumptions. Undue reliance should not be placed on any predictions or forwardlooking
statements as these may be affected by, among other things, changing external events and general
uncertainties of the business. A discussion of the material risks applicable to us can be found in our current
26/04/2023 14:50 Aimia Announces Acquisition of Bozzetto Group for $328 Million – Aimia
https://www.aimia.com/aimia-announces-acquisition-of-bozzetto-group-for-328-million/ 3/3
Management Discussion and Analysis and Annual Information Form, each of which have been or will be {led on SEDAR
and can be accessed at www.sedar.com. Except as required by applicable securities laws, forward-looking statements
speak only as of the date on which they are made and we disclaim any intention and assume no obligation to publicly
update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
Non-IFRS Measures
Bozzetto
Reference to (i) “Adjusted EBITDA” is the unaudited earnings of Bozzetto before interest, taxes, depreciation and
amortization, (ii) “Adjusted EBITDA margins” is Bozzetto’s Adjusted EBITDA divided by its revenue, (iii) “free cash |ow” is
Adjusted EBITDA less capital expenditures and lease expenses, and (iv) “free-cash |ow conversion” is Bozzetto’s freecash
|ow divided by its Adjusted EBITDA. Adjusted EBITDA, Adjusted EBITDA margins, free cash |ow and free-cash |ow
conversion are non-standardized {nancial measures that are not calculated or presented in accordance with
International Financial Reporting Standards (“IFRS”). Accordingly, it may not be possible to compare Bozzetto’s Adjusted
EBITDA, Adjusted EBITDA margins, free cash |ow or free-cash |ow conversion with Adjusted EBITDA, Adjusted EBITDA
margins, free cash |ow, free cash |ow conversion or other {nancial measures of other companies having the same or
similar businesses.
In addition, all {nancial information regarding Bozzetto contained in this press release has been derived from Bozzetto’s
{nancial statements which are prepared in accordance with IFRS.
Tufropes
Reference to “Adjusted EBITDA” is the unaudited earnings of Tufropes before interest, taxes, depreciation and
amortization and to “Adjusted EBITDA margins” is Tufropes’ Adjusted EBITDA divided by its revenue. Adjusted EBITDA
and Adjusted EBITDA margins are non-standardized {nancial measures that are not calculated or presented in
accordance with International Financial Reporting Standards (“IFRS”). Accordingly, it may not be possible to compare
Tufropes’ Adjusted EBITDA or Adjusted EBITDA margins with Adjusted EBITDA, Adjusted EBITDA margins or other
{nancial measures of other companies having the same or similar businesses.
In addition, all {nancial information regarding Tufropes contained in this press release has been derived from Tufropes’
{nancial statements which are prepared in accordance with Indian Generally Accepted Accounting Principles (“Indian
GAAP”). Aimia prepares its {nancial statements in accordance with IFRS. Indian GAAP differs in certain respects from
IFRS.
For more information, please contact:
Media, Analysts and Investors
Albert Matousek
Head, Investor Relations and Communications 438-881-8203
albert.matousek@aimia.com
Get News Alerts
RSS Feed
Recent Posts
Aimia to report 2023
