Aimia announces closing of StarChem transaction
by CM Staff
StarChem, headquartered in San Pedro Sula, Honduras, is a manufacturer of specialty chemical solutions used primarily in preparation, dyeing, and finishing processes.
TORONTO — Aimia Inc., a holding company focused on long-term global investments, confirms that its Bozzetto Group subsidiary has closed the previously announced acquisition of 65% of StarChem S.A. for $24 million, with a potential earn-out of $12 million. The purchase price was funded entirely from Bozzetto’s existing credit facility and Bozzetto’s cash on hand. The executive management team of StarChem will retain a collective minority stake of 35%. StarChem, headquartered in San Pedro Sula, Honduras, is a manufacturer of specialty chemical solutions used primarily in preparation, dyeing, and finishing processes by its large, multi-national textile industry customers.
Established in 2007, StarChem operates two production facilities in Honduras. These facilities have a total installed production capacity of approximately 20,000 Metric Tonnes (MT) per year, with potential for expansion. StarChem is expected to generate approximately $47 million in revenue for the fiscal year ending December 31, 2023 and achieve an EBITDA margin of approximately 12%. Honduras is one of the world’s largest textile markets, with a focus on cotton production for some of the largest U.S. textile manufacturers, including StarChem customers such as Fruit of the Loom, Hanes, and Gildan. Bozzetto’s acquisition of StarChem expands its geographical presence into the Americas.
Phil Mittleman, CEO of Aimia, commented: “The addition of StarChem to our portfolio underscores our commitment to growth and excellence in the specialty chemicals sector. StarChem’s manufacturing expertise and strong market presence in the Americas are key to Bozzetto’s strategic expansion plans in North America.”
Roberto Curreri, CEO of Bozzetto, said: “Our acquisition of StarChem marks a significant milestone in our over 100-year history. Having closely worked with StarChem during our multi-year partnership, we are excited and confident about the synergy and potential this integration brings. StarChem’s well-established customer relationships and production capacity are integral to Bozzetto’s strategic growth, especially in the North American market.”
