SRTX FINALIZES US$40M NEW EQUITY FUNDRAISING TRANSACTION LED BY BDC, EDC, H&M Group, IQ
This funding will support SRTX' strategy to scale its Montreal-based manufacturing operation, doubling production capacity in 2025. In 2023, the company expanded its operations into a new 300,000-square-foot, state-of-the-art facility in Pointe Claire (Montreal) where it has established a highly automated, vertically integrated manufacturing plant with room to expand to meet its tremendous growth opportunities in North America and Europe. This facility is unique, where UHMWPE powder is converted into finished products under one roof, and enables SRTX to continuously drive its unit costs down as it scales the production of its market-leading tights product, Sheertex.
As part of this financing round, Katherine Homuth, founder of SRTX, has transitioned out of her day-to-day responsibilities as CEO. The Board has launched a recruiting process to identify a new CEO and Timothy Leyne, who has been CFO of SRTX for the last 3 years, has been named interim CEO.
"This new equity injection will reinforce SRTX' capital base as we pursue the plan to scale our production to capture a growing share of the tights market in the face of uncertain trading conditions," said Timothy Leyne, Interim CEO of SRTX. "The success of this financing round is a testament to the tremendous conviction of our shareholders to the pursuit of SRTX' strategy," he added. "Katherine's exceptional drive and vision built this innovation-based vertical manufacturing platform, and the Lead Investors, Board and management team are committed to realizing its full potential," concluded Timothy.
"We're excited to support SRTX's journey as they enter this next stage of growth. We see strong potential in their vision and product, and believe the company is well-positioned to develop in a meaningful way. We'd like to thank Katherine Homuth for her dedication and the foundation she helped build at SRTX, and we wish her the best of luck in her next chapter." says lead investors BDC Capital, Export Development Canada, H&M Group and Investissement Québec.
SRTX is the holding company of Sheertex Inc., the manufacturer and leading brand of rip-resist tights. Established in 2017, SRTX moved to its first facility in Montreal in 2019. SRTX has built an integrated technology platform that outcompetes traditional manufacturing by leveraging proprietary materials, intelligent automation, and a vertical manufacturing infrastructure.
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