LONDON: HeiQ Plc has signed an agreement to acquire 51% of the share capital and voting rights of Chrisal N.V., Belgium for a consideration of €7.5 million, with €5.0 million payable in cash and €2.5 million through the issue of 1.101 million 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, for healthcare and hospitals, a project sponsored by The Gates Foundation.
Early results have indicated Synbio® 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.
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 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.”
Additional Highlights:
· Chrisal recorded revenue of €5.5 million for the 12 months to 31 December 2020, an increase of 62% compared to 2019, and an operating profit of €1.6 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 is a pioneer and at the forefront of global technology in the $10 billion antimicrobial fabrics and $24 billion textile chemicals market.