Strix is the global leader in the design, manufacture and supply of kettle safety controls and other devices involving water heating and temperature control, steam management and water filtration. Established in 1982, Strix has developed a 38 per cent share of the global market, with over 50 per cent share in a number of key markets including China.
On 8 August 2017, Strix was admitted to trading on London’s Alternative Investment Market (AIM) with a market capitalisation of £190m, which included a £60m debt refinancing package. Zeus Capital acted as nominated adviser and sole broker on the transaction.
The company is using the transaction to enhance the profile of the business and to provide permanent capital. This will enable the directors to take long term investment decisions and strengthen its new product development capabilities. The entire net proceeds of the deal will provide an exit for AAC Capital Partners, who have held a stake in the group since 2005.
Mark Bartlett, CEO at Strix Group, commented: “Admission to AIM will provide an appropriate structure for the long term development of the business, raise our international profile and enable us to invest in our new product development capabilities to the benefit of our valued customers.
Strix has a robust, highly cash generative business model. We have a growing global market share and in addition to the key OEMs in China, we work with a significant number of the best known brands and retailers worldwide.
We look forward to becoming a public company and further growth of our business in existing and new markets.”