Mr. Phil Mittleman reports

AIMIA'S BOZZETTO SUBSIDIARY ACQUIRES 65% OF STARCHEM FOR $25 MILLION

Aimia Inc.'s Bozzetto Group subsidiary has signed a definitive share purchase agreement to acquire 65 per cent of StarChem SA for $25-million, with a potential earnout of $12.5-million based on specific EBITDA (earnings before interest, taxes, depreciation and amortization) targets to be met over the next two years. The purchase price will be financed entirely from Bozzetto's existing credit facility and Bozzetto's cash on hand. The executive management team of StarChem, with whom Bozzetto has had a successful customer relationship since 2013, will retain a collective minority stake of 35 per cent.

StarChem, headquartered in San Pedro Sula, Honduras, is a leading manufacturer of specialty chemical solutions used primarily in preparation, dyeing and finishing processes by its large, multinational textile industry customers. Established in 2007, StarChem operates its own production facility and also owns 100 per cent of the Merril production facility. Together, these facilities have a total installed production capacity of approximately 20,000 metric tonnes (MT) per year, with potential for expansion. StarChem is expected to generate approximately $48-million in revenue for the fiscal year ending Dec. 31, 2023, and achieve an EBITDA margin of approximately 12 per cent. Honduras is one of the world's largest textile markets, with a focus on cotton production for some of the largest United States textile manufacturers, including StarChem customers such as Fruit of the Loom, Hanes and Gildan. Bozzetto's acquisition of StarChem will expand its geographical presence and advance Aimia's stated plan to enter the Americas through M&A (mergers and acquisitions).

Phil Mittleman, chief executive officer of Aimia, commented: "StarChem has a reputation for excellence, and we are excited to add their highly specialized chemical manufacturing processes to Bozzetto's portfolio. The synergies with Bozzetto are significant and the combination opens up new global sales opportunities for both companies throughout the Americas."

Roberto Curreri, CEO of Bozzetto, commented: "StarChem will be a cornerstone in our company's premium product lineup, solidifying our position as a leader in specialty chemicals in Central America and the U.S., and bringing a rich history and outstanding technical expertise that aligns with our strategy to achieve a leading position in the Americas. Moreover, integration will be seamless, as the two management teams have collaborated successfully for over a decade, and are equally committed to delivering a high value proposition to customers every day. Our ambition is to bring our ESG [environmental, social and governance]-focused model into their existing markets, while offering a full range of products and capabilities to our rapidly expanding customer base worldwide."

Mr. Mittleman added: "This acquisition further demonstrates the value Aimia adds to our portfolio companies through strategic oversight and access to capital. After 100 years of leadership in the European and Asian markets, Bozzetto will now have an established manufacturing operation in the Americas that will serve as a platform for further growth. This transaction underscores Bozzetto's commitment to becoming one of the world's leading providers of chemical solutions. We are thrilled to announce this combination, and we continue to evaluate and pursue other exciting opportunities to grow this business further."

Note: This press release used a United States/Canadian exchange rate of 1.3683, as at Nov. 3, 2023.

About Aimia Inc.

Aimia is a holding company that makes long-term investments in private and public businesses through controlling or minority stakes. It targets companies with durable economic advantages evidenced by a record of substantial free cash flow generation over complete business cycles and strong growth prospects and guided by strong, experienced management teams. Headquartered in Toronto, Canada, Aimia is positioned to invest in any sector, wherever a suitable opportunity can be identified worldwide. In addition, it seeks investments that may efficiently utilize the company's operating and capital loss carry-forwards to further enhance stakeholder value.

About StarChem SA

StarChem, headquartered in San Pedro Sula, Honduras, is a leading specialty chemical solutions producer primarily involved in the preparation, dyeing and finishing processes within the textile industry. StarChem, through its two production entities, Merril and StarChem Honduras, both of which are located in the San Pedro Sula industrial park, collectively boast an installed production capacity of approximately 20,000 MT per year. The Honduran textile landscape primarily revolves around cotton, with a predominant focus on T-shirt production, valuing between $200-million (U.S.) and $300-million (U.S.). StarChem's core clientele comprises Honduran operations of major U.S. textile mill multinationals such as Fruit of the Loom, Hanes and Gildan.

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