SYDNEY – Alexium International Group Ltd (ASX:AJX) said on Monday it will acquire the phase-change material (PCM) and microencapsulation business of Microtek Laboratories from CAVU Group in a $2.17 million share-funded transaction, expanding its U.S. manufacturing footprint and thermal-management portfolio.
The deal, conditional on the completion of a A$6.8 million ($4.5 million) entitlement offer, will give CAVU Group an 11.6% stake in Alexium. The offer, priced at A$0.006 per share, is fully underwritten by Colinton Capital Partners, Wentworth Williamson, CEO Billy Blackburn and director Randy Lane.
Proceeds will reduce shareholder loans by A$4.6 million and leave Alexium with about A$2.16 million in cash before expenses.
Microtek’s Adaptek™ packaging division is excluded from the deal and will remain under CAVU ownership. Alexium said the acquisition will integrate Microtek’s Dayton, Ohio manufacturing plant and intellectual property with its existing U.S. operations, strengthening supply-chain resiliency and broadening its PCM and flame-retardant product portfolio.
“Bringing Microtek’s technologies and facilities into the Alexium family accelerates our ability to deliver high-performance cooling solutions with unmatched reliability,” Blackburn said.
Microtek, a pioneer in PCM technologies for bedding, apparel and building materials, adds its NexTek™ and Micronal® product lines to Alexium’s BioCool®, Alexicool®, DelCool™, AlexiShield and Eclipsys® brands.
Alexium will host an investor webinar on Dec. 16 to discuss the transaction.