Johannesburg-listed Aimia closes $195 million Bozzetto sale, retires $142.6 million notes

Johannesburg-listed, Toronto-based Aimia Inc. has completed the sale of its stake in Italian specialty chemicals company Giovanni Bozzetto S.p.A., securing net proceeds of CAD$268.4 million ($195 million) as the investment holding company moves to cut debt and reposition itself as a permanent capital vehicle. 

The transaction strengthens Aimia’s balance sheet at a critical stage in its shift toward becoming a “permanent capital vehicle,” according to management, with proceeds earmarked for debt reduction and future investments in undervalued assets.

The Canadian-listed company, which trades on the Toronto Stock Exchange and the Johannesburg Stock Exchange, said the transaction proceeds will support efforts to reduce indebtedness and fund future investments in undervalued businesses in which it could acquire controlling stakes.

Closing details and proceeds structure

The final proceeds reflect adjustments for Bozzetto’s net debt, minority interests, and transaction costs, and remain subject to post-closing working capital and debt recalculations expected within 60 days.

Aimia received the proceeds in euros, with €128 million ($149.25 million) hedged at a rate of 1.6113, while the remaining €38.7 million ($45.12 million) was converted at a spot rate of 1.6074 at closing. The company said it does not expect any tax liability from the sale, citing available capital tax loss carryforwards.

Aimia acquired its stake in Bozzetto in May 2023, exiting a relatively short-cycle investment within its portfolio rotation strategy.

Strategic pivot toward capital redeployment

“Aimia is making further progress toward becoming a permanent capital vehicle,” Executive Chairman Rhys Summerton said, adding that the proceeds will accelerate debt reduction and support investments in undervalued companies where the group can pursue controlling interests. The divestment marks another step in Aimia’s broader restructuring approach, which prioritizes balance sheet strength and capital efficiency over long-term operational ownership of assets.

Mandatory bond buyback triggered

Following the transaction, Aimia has launched a mandatory offer to purchase its 9.75% senior unsecured notes, in line with bond covenants requiring asset-sale proceeds to be used for debt reduction when more than half of assets are disposed.

The company will offer to repurchase up to $142.6 million of outstanding notes due January 14, 2030, at par value plus accrued interest, subject to available proceeds from the Bozzetto sale.

The offer expires at 5:00 p.m. Eastern on June 26, 2026, with settlement scheduled for July 3, 2026. Notes tendered will cease to accrue interest after the redemption date, while untendered notes will remain outstanding under existing terms.

Holders may elect to participate through their brokers and can withdraw instructions before the deadline. Aimia has not made any recommendation on participation, urging investors to seek independent financial and legal advice.

Portfolio simplification continues

The Bozzetto exit underscores Aimia’s ongoing repositioning as a capital allocation-focused holding company, with emphasis on reducing structural complexity, lowering leverage, and recycling capital into high-discount investment opportunities.

The company is listed on the Toronto Stock Exchange and the Johannesburg Stock Exchange, reflecting its dual-market investor base.

As it advances its restructuring roadmap, Aimia continues to frame its strategy around narrowing the gap between intrinsic value and market valuation while maintaining flexibility to pursue controlling stakes in future acquisitions.