Oct
4
Tene Investment Funds signs final agreement to sell its Netafim Ltd. holding to Permira
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Tel Aviv, September 21, 2011 – Tene Investment Funds, an Israeli private equity
fund focused on Israeli Mid-Tech industries announced today their agreement to
sell its holding in Netafim Ltd. to Permira, the European Private Equity firm.
Permira has agreed to acquire a controlling stake in Netafim Ltd (“Netafim”), the
global leader in smart drip and micro irrigation solutions, from the Kibbutzim,
Yiftah and Magal and the Israeli funds Markstone and Tene.
Netafim is the world’s largest drip irrigation company, with sales in more than a
hundred countries and manufacturing facilities in Israel and in an additional
ten countries worldwide. The drip irrigation concept and technology were
invented in Israel by Netafim over forty years ago. Today, drip irrigation
serves as the basis for a comprehensive agronomical solution developed at
Netafim for specific crops. This solution which substantially increases yield
has gained global acceptance as it addresses both the global water shortage and
the increasing demand for food.
Dr. Ariel Halperin, Tene’s Senior Managing Partner, who led the fund’s investment
in Netafim stated: “Since our investment in Netafim in 2006, we have
focused on the company’s growth and development. Today Netafim is the global
market leader in its sector, with advanced and sophisticated technologies and
agronomical solutions that address some of the world’s most pressing issues
including the global water shortage and the increasing demand for
food”. Dr. Halperin continued: “After years of intensive work with the company’s management and its other
shareholders, I am proud of Netafim’s successes which include a revenue
increase of a 140% and an increase in operational profitability of 200%. We hand over a stable and growing company
which continues to attract the interest of global markets. Netafim is well
positioned for additional growth and I believe it will continue to be the
global market leader in this sector.”
Tene Investment Funds is an Israeli PE fund focused on investment in Israeli Mid-Tech
industries. Tene invests in established and profitable export and growth
oriented companies with leading global market positions.
Among others the fund’s portfolio includes investments in Caesarstone - a leading
global manufacturer of quartz counter tops, Gazit Industries – a
leading manufacturer of extruded plastic products and acrylic boards, and SCR
Engineers - a global provider of innovative electronic and computerized
dairy farming systems. For more information regarding the fund please see www.tenecapital.com