Acquisition: Strix Group plc (AIM)
Strix Group plc announced that it has entered into conditional agreements to acquire Billi (Australia, New Zealand and UK), for an aggregate cash consideration of approximately £38 million, funded through a new term loan and an equity placing.
Strix Group plc is the AIM quoted global leader in the design, manufacture and supply of kettle safety controls and other complementary water temperature management components.
Billi operates in the high growth and strategically important hot tap and water filtration markets. Established in 1989 and headquartered in Melbourne, with distribution channels located across Australia, and internationally in New Zealand, UK, Hong Kong, Singapore and China, Billi is renowned for its premium filtered and temperature-controlled water systems and manufacturing innovation.
Completion of the acquisition is expected before the end of the calendar year, subject to regulatory approvals.
Crowe's role and team
Crowe provided transactional support to Strix on the acquisition, with the Corporate Finance team led by Mitesh Patelia and George Lawford.
Client quote
We were very keen to work with the team at Crowe as they have extensive experience in working on international acquisitions and were able to provide diligence services in the UK, Australia and New Zealand.
Mark Bartlett, Chief Executive Officer, Strix Group plc
