Redox Ltd (ASX:RDX, or ‘Redox’ or ‘the Company’), a leading global chemical, ingredients and raw material distributor, announces that it has agreed to acquire 100% of the shares of Oleum Pty Ltd and Oleum Holdings Pty Ltd (‘Oleum’), a specialty and commodity chemicals distributor to the agriculture, mining, personal care and surface coatings sectors.
The acquisition, which is consistent with Redox’s strategy, expands the Company’s customer base in Australia, enhances supplier relationships with globally significant specialty chemical manufacturers and widens the range of products available to Redox’s established clientele. It will allow the Company to better serve the needs of a larger number of clients and help to accelerate growth in key market segments.
Founded in 2015, Oleum is an Australian chemical distributor with a strategic portfolio of surfactants. Oleum sells across a wide range of industries and has a particular focus and strength in Crop Protection and Household/Personal Care. Headquartered in Melbourne, the company consists of a team of 5 who have achieved an outstanding track-record of excellent customer service across a range of compelling offerings from some of the world’s most renowned manufacturers. Sales revenue in 2023 was approximately A$30m.
John Lemanis, Director of Oleum, says:
“Redox is the perfect home for Oleum, the businesses are strategically well aligned and will be highly complementary to each other. My team is excited to join Redox which will leverage what’s great about us with the benefit of Redox’s leading software system, wide logistics network and larger team of salespeople.”
CEO & MD of Redox, Raimond Coneliano, added:
“This is a special opportunity, and we are delighted to welcome John and the Oleum team to Redox. Together our combined knowledge and product portfolio will be an exciting prospect for Australian customers of both companies. In time, we anticipate the opportunity to promote select Oleum products and suppliers to our clients in the United States and around the world. This certainly helps cement Redox as the pre-eminent distributor of chemicals in the region and will provide new avenues for growth.”
Transaction details and transition arrangements
A Share Sale Agreement was executed by the parties on 2nd July 2024, with a simultaneous completion of the transaction. As a result Redox has acquired the key assets of the business as of this date.
Customers and suppliers should continue to deal with Oleum Pty Ltd as per pre-acquisition, it is expected that integration will be completed on the 1st of August 2024 after which all new orders should be placed upon Redox Limited.
Reach out to your Redox or Oleum representative for more details.
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