Aimia Inc. says it has signed a deal to buy rope and net maker Tufropes for $249.6 million. 

Under the deal, Paladin Private Equity LLC will be Aimia's partner.

It will have an option to acquire up to a 19.9 per cent equity position in Tufropes from Aimia within one year of closing.

Tufropes is a manufacturer of synthetic fibre ropes and netting for the aquaculture and maritime sectors.

The deal, which is subject to regulatory approval and other customary closing conditions, is expected to close before the end of the first quarter of 2023. 

Aimia, which sold its flagship Aeroplan loyalty program to Air Canada in 2019, has reinvented itself as an investment holding company.

 This report by The Canadian Press was first published Jan. 31, 2023.