Overview
Zeus is pleased to have acted as Nominated Adviser, Joint Financial Adviser and Joint Broker to Strix Group plc (KETL) on the successful disposal of its Billi business segment (“Billi”) to Crescent Capital Partners for a total consideration of £110 million.
Strix Group plc (“Strix”) acquired Billi, a leading provider of premium instant boiling, chilled, and sparkling filtered water systems, in November 2022 for c.£38 million and therefore the disposal reflects an absolute return of c.3x on Strix’s original investment.
The disposal proceeds will allow Strix to strengthen its balance sheet by reducing its reliance on debt funding, deploy capital for growth in its core operations and provide shareholders with a capital return. Strix has already committed to undertaking a £10 million share buyback programme which will commence shortly.
The remaining Strix group, is expected to deliver a stable and highly cash-generative performance, underpinned by strong OEM relationships, market-leading positioning and high-quality service capabilities.
Company information
Strix is a global leader in the design, manufacture and supply of kettle safety controls and other components and devices involving water heating and temperature control, steam management and water filtration.
Zeus Team
Jordan Warburton, Louisa Waddell, John Moran and Dominic King.
Mark Bartlett
CEO at Strix Group plc“The disposal of Billi represents a transformational milestone for Strix, and the proceeds provide Strix with an opportunity for value creation through improved financial flexibility. Over the three years that Billi has been part of the Group, we have successfully enhanced its operational performance and strategic positioning. We thank the Zeus team for its advice and support on this transaction.”
Jordan Warburton
Managing Director, Investment Banking“We are delighted to have advised the Strix Board on the disposal of Billi, having also advised on the initial acquisition in November 2022 and witnessed the growth of the business under Strix’s ownership.
The disposal now provides Strix with a strengthened financial position and ability to return excess cash to shareholders. We look forward to working with management on the next phase of Strix’s journey.”
Contact
If you would like further information, please get in touch with our team.
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