Polygiene has entered into an agreement to acquire the SteriTouch business of Radical Materials, a U.K.-based company, founded in 2003, that is also operating with the product ranges Konduct, Scopic and Steritype. Its SteriTouch range consists primarily of antimicrobial additives for plastics, paints, coatings, silicone, rubber and textiles. The largest share of SteriTouch’s sales is through direct sales and is expected to generate a total annual turnover of about €1.6 million, with a growth of 20 percent and a gross profit of around €0.85 million.
The purchase price amounts to about €4.2 million, where some €3.8 million is paid in cash and the remaining €0.4 million through newly issued shares in Polygiene. In addition to the purchase price, the seller may also receive a payment in cash of up to €0.6 million based on the sales growth for SteriTouch during 2022.
The acquisition will take place through Addmaster, another British company that had been previously acquired by Polygiene. The Swedish ingredient brands group will buy the customers, formula and brand and incorporate them into Addmaster’s production set-up. In connection with the transfer of the business, one employee from Radical Materials will be transferred to Addmaster.
The completion of the transaction is subject to customary closing conditions. The closing is expected to take place around Jan. 24, 2022.
