Gazit Industries to Acquire Control in Poligal Ltd.
Late January 2010, Gazit Industries Ltd, a Tene II portfolio company, consummated its control investment in Poligal Ltd. According to Ran Ben-Or, Managing Partner at Tene Investment Funds, "this is a significant and positive move for the two companies as there is a multi level synergy in the companies' operations."
Gazit Industries specializes in the production of rigid plastic sheets used in the construction sector as well as plastic packaging for the food industry. With Europe as the major market. Gazit's production facilities are spread across Israel as well as in Eastern Europe.
Poligal Ltd. (www.polygal.com) is a manufacturer of poly carbonate multi-wall sheets. Poligal benefits from strong management and its major markets include West and East Europe, Russia, South America and the United States. In addition, the company has four subsidiaries across the globe. Poligal is a valuable addition to Gazit Industries' group of companies with high potential synergy to both companies' productions and marketing activities.
Consistent with Tene's strategy to add significant value to its portfolio companies, Ran Ben-Or and Eyal Attia led the acquisition on Gazit's behalf. According to Eyal Attia, a Partner at Tene Investment Funds, "Poligal acquisition is consistent with Gazit's long term strategic plan outlined by Tene in conjunction with Gazit management."