LONDON: HeiQ Plc has acquired 100% of the share capital and voting rights of RAS AG, Regensburg, Germany.
The Acquisition is for a consideration of €5.1 million, with €1.25 million payable in cash and €3.85 million through the issue of 1,701,821 new ordinary shares by HeiQ.
It includes an additional earn out consideration dependent on RAS AG’s growth and 2021 calendar year EBIT. The earn out consideration is capped at an additional €5 million in shares for achieving a €2 million EBIT in 2021 and will be satisfied through the issuance of new ordinary shares.
RAS AG is a materials innovation company that drives the development of resource-efficient and sustainable products. RAS AG develops and manufactures highly functionalized materials for this purpose.
This includes the manufacture of antimicrobial, hygiene-enhancing additives and durable antimicrobial coating systems which are sold worldwide under the trademark agpure, and transparent electrically conductive and infrared reflective coatings sold under the ECOS trademark.
The Acquisition is in line with HeiQ’s strategic goal to gain market share in hygiene solutions by providing antimicrobial surface hygiene technologies to the healthcare sector.
This is building on the acquisition of Chrisal N.V. Belgium concluded earlier this year, which gives HeiQ expanded access to the healthcare sector through probiotic and synbiotic cleaners.
Additional Highlights
- RAS AG recorded revenue of €2.5 million for the year ended 31 December 2020 and an EBITDA of €0.52 million- unaudited.
- RAS has over 50 commercial customers, including Bosch, Siemens, Freudenberg, aap Implants and Diehl Defence in Germany, providing cross-selling opportunities for HeiQ
- RAS AG has 26 employees, of which 6 are PhDs, and is located at the technology campus near the University of Regensburg, Bavaria, Germany
- The current management team is fully committed and remains in place to foster future growth and innovation as part of HeiQ
HeiQ co-founder and CEO Carlo Centonze, said: “The acquisition of RAS AG adds to our technology portfolio and innovation capabilities, allowing us to push deeper into markets including durable surface protection, antimicrobials, conductive transparent materials, infrared reflective coatings, controlled release technologies and R&D innovation services.
Gaining market share in hygiene solutions by providing antimicrobial surface hygiene technologies to the healthcare sector is one of HeiQ’s key strategic goals. RAS AG’s resource-efficient and sustainable products, together with its technology platforms and HeiQ’s expertise and commercial reach represent an exciting combination to achieve this goal.
Like HeiQ, RAS AG is a very entrepreneurial, science-driven business and is therefore an excellent cultural fit for HeiQ. Located practically on campus of one of Germany’s leading materials and life science universities, RAS AG is ideally positioned to bring additional innovation capabilities to HeiQ’s global R&D network. We look forward to working with Dr. Zech, Dr. Maier, Dr. Nusko, Mr. Schneider and the RAS team.”
Dr. Zech, CEO and Mr. Schneider, CSO of RAS AG, commented: “As an early pioneer in silver-based technologies for antimicrobial and transparent conductive coating applications, there are strong synergies with HeiQ. HeiQ provides the expertise, infrastructure and global market access to meet the growing demand of our outstanding technologies.
In combination with the RAS innovation center, we enrich HeiQ’s global R&D team with new impulses and our longstanding expertise and innovation networks. We are proud to be part of the HeiQ Group, the entire RAS team looks forward to a fruitful cooperation.”
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.
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