On October 28, 2019, H2O Innovation Inc. (“H2O Innovation”) (TSXV: HEO) announced it had entered into a binding sale and purchase pursuant to which H2O Innovation, through a wholly-owned UK subsidiary, will acquire, from arm’s-length third parties, Genesys Holdings Limited and its subsidiaries, Genesys Manufacturing Limited, Genesys International Limited and Genesys North America, LLC (collectively “Genesys”). The purchase price of the Acquisition is £16.95 million (CAN$28.39 million) (the “Purchase Price”), payable in cash upon closing. The Acquisition is expected to strengthen H2O Innovation’s position as a global player in the specialty chemicals industry dedicated to water treatment.
Genesys is a group of privately-owned companies based in the United Kingdom that develop, manufacture and distribute specialty reverse osmosis (RO) membrane chemicals, antiscalants, cleaners, flocculants and biocides. It offers, through a large distribution network, a portfolio of over 35 diversified products with unique formulation that are manufactured in its facility located in Cheshire, UK.
Miller Thomson acted as Canadian counsel to Genesys with a team comprised of Eamonn Flaherty (Corporate/M&A), and Geoff Clarke and Jonathan Tong (Capital Markets/Securities).