Aimia is proud to announce that their subsidiary, Tufropes, has recently acquired Cortland Industrial from Enerpac Tool Group in a CAD 26.6 million ($20 million) deal.
Cortland Industrial is a leading manufacturer and supplier of technologically advanced ropes, slings, and tethers. By joining forces, the newly combined business will operate under the name Cortland, while keeping the renowned Cortland and Tufropes brands.
During the most recent trailing 12-month period ending May 31, Cortland reported an impressive revenue of CAD 36.5 million. With this acquisition, Aimia expects immediate earnings improvement, along with enhanced sales and operational synergies. Moreover, it provides Tufropes with a valuable U.S. foothold.
The deal was fully funded with Aimia’s cash reserves, and Enerpac plans to utilize the net proceeds to pay off existing debt while supporting further strategic investments.
As part of the purchase agreement, Enerpac will also offer certain transition services to Tufropes for a limited period of time.
Enerpac assures its commitment to retaining, investing in, and growing Cortland Biomedical business—a reputable full-service biomedical textile product development company.
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