19th Dec 2025 08:49
(Alliance News) - Strix Group PLC on Friday said it has agreed to sell Billi, its business in Australia, at an enterprise value of GBP110.0 million, more than the entire value of Strix as a whole.
The sale is to a new Australian company formed by Crescent Capital Partners, a Sydney-based 'mid-market' private equity manager.
Strix noted that GBP110 million equates to 47.8 pence per Strix share, which is above the stock's closing price of 40.84p on Thursday. Strix shares were up 13% early Friday to 45.79p, giving the company a market capitalisation of GBP109.0 million.
Strix is an Isle of Man-based supplier of kettle safety controls and other devices for water heating and temperature control, steam management, and water filtration. Billi is a provider of instant boiling, chilled, and sparkling filtered water systems. Strix bought the company in late 2022 for GBP38 million.
Strix explained that the sale crystallises a three-times absolute return on investment for shareholders. The GBP107 million in net cash expected to be received will allow the company to move to a net cash position by repaying its about GBP68 million in debt.
Additionally, Strix said it plans to launch at GBP10 million share buyback and will consider other ways to efficiently return further capital to shareholders.
The company called a general meeting for January 8 to approve the deal, which is expected to be completed on January 30.
The disposal also will allow Strix to focus on core operations, particularly its Controls division, which has suffered from US trade tariffs and the weaker US dollar.
Amid the difficult trading conditions, Strix late last month said Chief Executive Officer Mark Bartlett will leave "by mutual agreement" on May 29 next year. Bartlett joined Strix in 2006 and has been CEO since 2015. The company has started a search for a new CEO, led by Chair Gary Lamb.
By Tom Waite, Alliance News editor
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