IN BRIEF: Strix To Buy Italian Water Firm Laica For EUR32 Million

Strix Group PLC - Isle of Man-based manufacturer and supplier of water temperature management ...

Alliance News 23 September, 2020 | 2:46PM
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Strix Group PLC - Isle of Man-based manufacturer and supplier of water temperature management components - To acquire Laica Spa, which Laica focuses on water purification and the sale of small household appliances for personal health and wellness. Initial consideration of EUR19.6 million comprises EUR11.6 million in cash and EUR8.0 million in Strix shares. A further EUR12.0 million payable in cash subject to certain conditions being met. Strix extends debt facilities to satisfy initial cash consideration and improve the liquidity. Purchase to be up to mid-single digit earnings enhancing, in the first full year of ownership, before the benefit of any synergies. In 2019, Laica generated revenue of GBP20.4 million, adjusted earnings before interest, tax, depreciation, and amortisation of EUR2.9 million and adjusted pretax profit of EUR2.6 million.

Current stock price: 232.50 pence

Year-to-date change: up 19%

By Ife Taiwo; ifetaiwo@alliancenews.com

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