Tene Investment Funds sold its holding in CaesarStone Sdot-Yam in a secondary offering on the NASDAQ exchange
New York, May 23, 2013 – Tene Investment Funds, an Israeli PE fund, completed the sale of its holding in CaesarStone Sdot-Yam Ltd. (NASDAQ: CSTE). Tene sold 91% of its holding in an underwritten public offering on April 11th, 2013, at a price of $23.25 per share, reflecting a company equity value of over $800M. Tene completed the sale of its holdings on May 22nd, 2013, at a price of $26.38 per share. For Tene this represents an exit at a multiple of more than 5x on its investment.
Tene is a leading Israeli private equity fund specializing in Israeli-related, established, export-oriented, industrial, growth companies.
CaesarStone is a global leading manufacturer of high quality engineered quartz surfaces, which are used in both residential and commercial buildings as countertops and other interior surfaces.
Both Tene I and Tene II invested in CaesarStone in December 2006. Throughout the years, Tene supported the company in a growth and 'go to market' strategy thus positioning the company as a unique, global leader in its sector.
J.P. Morgan Securities LLC, and Barclays Capital Inc. acted as joint active bookrunners.
Tene's Senior Managing Partner, Dr. Ariel Halperin, said on April 11th, 2013, at the NASDAQ opening bell ceremony: "...For 7 years I have had the unique opportunity to collaborate with Caesarstone's management to transform the Company into a global leader in the fast-growing quartz countertop market. The Caesarstone story is the story of the evolution of a Kibbutz company from Israel into a Nasdaq-listed company with a strong prospect for global growth.
Upon Tene's sale of its interest in the Company, We at Tene, feel pride, for having been a partner in the Company's achievements, and yet a heavy heart, because we already miss being a partner on Caesarstone's mission.
I am confident that the creative and professional management of the company and the Board of Directors will lead the company to its next quantum leap...".
On December 2011, Tene successfully exited from Netafim – the world leader in drip irrigation, selling its holding to Permira. Among others the fund's portfolio includes investments in 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.