TIDMHEIQ
RNS Number : 9395Q
HeiQ PLC
03 March 2021
This article is not intended to be distributed in the USA.
3 March 2021
HeiQ Plc
("HeiQ" or "the Company")
Acquisition of 51% of Industrial Biotech Business, Chrisal
HeiQ Plc (LSE:HEIQ), an established global brand in materials
and textile innovation which operates in high-growth markets, is
pleased to announce that it has signed an agreement to acquire 51%
of the share capital and voting rights of Chrisal N.V., Belgium
("Chrisal", "the Acquisition"). The Acquisition is for a
consideration of EUR7.5 million, with EUR5.0 million payable in
cash and EUR2.5 million through the issue of 1,101,928 new ordinary
shares by HeiQ. On completion, Chrisal will be renamed HeiQ
Chrisal.
Chrisal is a profitable industrial biotechnology company and a
leader in innovative ingredients and consumer products that
incorporate the benefits of probiotics and synbiotics. It has 120
products within its three technology platforms that create healthy
and sustainable microbial ecosystems. The application of its
proprietary technology includes cosmetics, personal care, textiles,
wound dressings, water purification, air treatment and cleaning
products. Chrisal has recently developed a synbiotic interior
cleaner, Synbio(R) , for healthcare and hospitals, a project
sponsored by The Gates Foundation. Early results have indicated
Synbio (R) cleaners to be equal to disinfectants and detergents but
without bacterial resistance downsides, while offering enhanced
cleaning performance.
The Acquisition is aligned with HeiQ's strategy of becoming a
global leader in materials innovation. It also solidifies HeiQ's
position as a profitable and fast-growing pioneer in the $24
billion global textile chemicals market. HeiQ already directly
serves the $10 billion antimicrobial textile market with its HeiQ
Viroblock and HeiQ Pure technology platforms and the Acquisition
will strengthen its presence with a complementary probiotic
platform while enabling it to enter the new adjacent and lucrative
markets of surface hygiene treatment, water purification and
probiotic personal care.
Additional Highlights
-- Chrisal recorded revenue of EUR5.5 million for the 12 months
to 31 December 2020, an increase of 62% compared to 2019, and an
operating profit of EUR1.6 million (28.9%) - unaudited.
-- Chrisal has over 500 commercial customers in 25 countries,
including hospitals, food and cosmetic manufacturers, presenting
HeiQ with compelling cross-selling opportunities for its existing
core product range. Chrisal will benefit from HeiQ's extensive
customer and distribution network, as well as its marketing
prowess.
-- Chrisal customers include Q viva, Ahava, Atena-Alfa,
Probilife, Sonax, Woellner and Greenspeed
-- The Acquisition includes a bottling facility in Belgium. This
is an important infrastructure requirement for HeiQ's ambitions in
functional textile aftercare and other fields.
-- The current Chrisal President and Founder Corrie Gielen and
its CEO/CTO Dr. Robin Temmerman will continue to lead the business,
supported by the existing Chrisal team.
-- HeiQ co-Founder and Group CEO Carlo Centonze as well as Group
CFO Xaver Hangartner will join the HeiQ Chrisal Board of Directors
and will explore further synergies over the course of 2021.
-- HeiQ Chrisal will be responsible for the creation, production
and commercialisation of its products, with HeiQ acting as its
corporate service hub and extended commercialization arm.
-- Chrisal's patented technology carries the prestigious EU
Ecolabel, a label of excellence that is awarded solely to products
meeting high environmental standards throughout their
lifecycle.
HeiQ co-founder and CEO Carlo Centonze said:
"The acquisition of a majority stake in Chrisal brings multiple
benefits to HeiQ and its shareholders. HeiQ Chrisal will provide us
with revenue from other fast-growth markets adjacent to those we
serve already, as well as exciting cross-selling opportunities for
our and their existing core product range. The acquisition will
progress our direct to consumer offer and enlarges our product
offering to hygiene-sensitive environments, such as the healthcare
sector.
"Chrisal's technology platform includes an anti-allergen effect
for mattresses and bedding, microbial and viral protection for
surfaces, anti-inflammatory effects in wound dressings, probiotic
skin enhancing cosmetics, algae and biofilm control in drinking
water as well as advanced synbiotic protection to replace the
resistance-creating antibiotics in animal husbandry. We are
particularly excited about Chrisal's synbiotic technology solution
for healthcare and hospitals for which full clinical results are
due to be published imminently in a leading journal.
"HeiQ is increasingly becoming more than a textile technology
company; we are innovating materials more broadly. This acquisition
of a leading probiotics business is aimed at making HeiQ a leader
in probiotic innovation, positioning us well to serve many
lucrative segments of this fast growth USD 50 billion market.
"Chrisal's culture of entrepreneurship, people empowerment,
sustainability, innovation and lean processes are a perfect match
with HeiQ. I expect this partnership to become a great success and
we will look forward to working closely with Corrie, Robin and the
rest of the Chrisal team."
Corrie Gielen, President of Chrisal commented:
"For 30 years Chrisal has built on new technologies to improve
our world in a sustainable way. With our latest patented Synbio(R)
technology we have found the best solution to strengthen products,
people and our environment. We are confident that the new
partnership with HeiQ will bring us the additional competences and
network needed to globalize this beautiful and groundbreaking
technology. Together we combine the best of nature with the latest
in science to make the difference for a better world."
Further Information on Chrisal:
Chrisal is an industrial biotechnology leader in prebiotic,
probiotic and synbiotic technologies and products. With its 120
products, Chrisal serves commercial and consumer customers
operating in the markets of cosmetics, personal care, textiles,
wound dressings, water and air purification and cleaning solutions
for hospitals and animal husbandry. Early results from clinical
trials for Chrisal's patented Synbio(R), an active synbiotic
surface cleaner, suggest that it could be the next generation
technology to probiotic surface cleaners, such as Reckitt
Benckiser's VEO. Chrisal technology carries the prestigious EU
Ecolabel, a label of environmental excellence that is awarded
solely to products meeting high environmental standards throughout
their lifecycle.
The industrial biotech acquisition will provide HeiQ access to
the technology platform of prebiotics, probiotics and postbiotics
for bio-based odor & stain control for carpet & footwear,
anti-allergen effect in mattress and bedding, microbial and viral
protection for surfaces, anti-inflammatory effect in wound
dressings, probiotic skin enhancing cosmetics, algae and biofilm
control in drinking water as well as advanced synbiotic protection
replacing the resistance-creating antibiotics in animal husbandry.
With this strategic acquisition HeiQ enters the broader market of
surface management and accesses a bio-based green complementary
technology platform to its antimicrobials.
Chrisal's 120 products strengthen HeiQ's global product offering
and will facilitate HeiQ's existing technology platforms into new
markets.
Chrisal has a large, efficient manufacturing footprint in
Lommel, Belgium and brings into the HeiQ group the strategic
capability of bottling, a step required for HeiQ's B2C products
ambitions in functional textile aftercare and other fields. Chrisal
also includes a microbiology and molecular diagnostics lab for
R&D and QC activities.
HeiQ Chrisal, the new corporate name for Chrisal, will continue
to be led by President and Founder Corrie Gielen, its CEO/CTO Dr.
Robin Temmerman as well as the entire Chrisal team. The
entrepreneurial drive will be strengthened by HeiQ's Group support
functions in Rapid & Deep R&D, Branding & Marketing,
Regulatory and Compliance as well as Commercialisation. HeiQ
co-Founder and Group CEO Carlo Centonze as well as Group CFO Xaver
Hangartner will join the HeiQ Chrisal Board of Directors.
HeiQ Chrisal will be responsible for the creation, production
and commercialization of its products, with the HeiQ Group acting
as its corporate service hub and extended commercialization arm.
Together, the newly enlarged Board will explore further synergies
over the course of 2021.
Issue of Equity and Total Voting Rights
The Company will issue 1,101,928 new ordinary shares
("Consideration Shares") to the sellers of Chrisal, at a price of
1.9596p per share, which is the average 5 day closing price prior
to signing, in order to part satisfy the consideration due.
Applications will be made for the Consideration Shares to be
admitted to the standard segment of the Official List, and to
trading on the London Stock Exchange's Main Market
("Admission").
It is expected that Admission will become effective, and that
dealings in the new Ordinary Shares are expected to commence, at
8.00 a.m. on 9 March 2021.
Following Admission, the total number of Ordinary Shares in
issue will be 126'993'832 and the total number of voting rights
will therefore be 126'993'832. This figure may be used by
shareholders as the denominator for the calculations by which they
will determine if they are required to notify their interest in, or
a change to their interest in, the share capital of the Company
under the FCA's Disclosure and Transparency Rules.
This announcement contains inside information.
For further information, please contact:
HeiQ Plc
Carlo Centonze (CEO) +41 56 250 68 50
Arlington Group Asset Management Limited
(Financial Advisor and Joint Broker)
Charles Cannon Brookes +44 (0) 207 389 5017
---------------------
Cenkos Securities plc (Joint Broker)
Stephen Keys / Callum Davidson +44 (0) 207 397 8900
---------------------
SEC Newgate (Media Enquiries) +44 (0) 20 3757 6882
Elisabeth Cowell / Robin Tozer / Megan Kovach HeiQ@s ecnewgate
.co.uk
---------------------
About HeiQ
HeiQ is a pioneer and at the forefront of global technology in
the $10 billion antimicrobial fabrics and $24 billion textile
chemicals market. With the focus on materials and textile
innovation, HeiQ has created some of the most effective, durable
and high-performance technologies and textile effects in the market
today, which cool, warm, dry, repel, purify, and destroy viruses.
Since 2005, HeiQ has developed over 200 technologies in partnership
with 300 major brands.
HeiQ is a high intellectual capital company which has
successfully built up a reputation in textile technologies, having
won multiple awards and innovating with leading eco-conscious
brands such as Patagonia.
Led by an experienced management team, HeiQ rapidly researches
new solutions for partners, quickly delivers scaled up
manufacturing from its sites across the world and helps partners
market the product to end consumers - aiming for lab to consumer in
months.
HeiQ aims to deliver growth for its shareholders through a
combination of increased sales of its core products and by entering
additional lucrative markets through disruptive innovations.
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