On January 31, 2023, Aimia Inc., a holding company dedicated to long-term global investments, announced its decision to acquire Tufropes Pvt Ltd and specific undertakings from India Nets for a purchase price of $249.6 million, adjusted for net debt and working capital. The deal, which was finalized on March 17, 2023, closed at a net consideration of $235.1 million. Tufropes, established in 1992, is a major global manufacturer of synthetic fiber ropes and netting solutions, particularly for the aquaculture and maritime sectors. Boasting a capacity to produce around 70,000 metric tons of rope and netting solutions annually, Tufropes has an extensive product portfolio of over 35,000 SKUs. It is also geographically diverse, selling products in over 70 countries, with revenues spread across Europe, Asia, the Americas, and Australasia. For the fiscal year ending March 31, 2023, Tufropes projects annual revenues of approximately $130 million and industry-leading EBITDA margins of 18%. With its consistent growth rate of around 20% since 2001, Aimia plans to bolster its senior management and sales & marketing teams in Canada and Europe post-acquisition. Paladin Private Equity LLC partnered with Aimia on the transaction. As a result, governance rights, preferred returns for Aimia, rights benefiting Paladin, and an option for Paladin to acquire a minority equity position in Tufropes have been established. Legal advisors for the transaction were Anagram Partners and Kotak Investment Banking for Tufropes and India Nets, and JSA Law for Aimia and Paladin.