FIMI buys 50% Unitronics stake for NIS 110m

Ishay Davidi

FIMI is buying the automation solutions and logistics systems company at a 30% premium on its market price.

FIMI Opportunity Funds today announced the signing of an agreement to acquire 50% of Unitronics Industrial Automation Ltd.(EuroNM: UNITB; TASE: UNIT) for NIS 110 million, NIS 60 million of which will be injected into the company in order to enhance its growth. The investment will be at a share price of NIS 16, reflecting a 30% premium on the market price.

Unitronics CEO Haim Shani will still own 22% of Unitronics' shares, and will continue as its CEO. The parties have signed a joint control agreement.

Upon the report of the deal, FIMI senior partner Gillon Beck said, "Unitronics fits in well with FIMI's investment strategy: it has unique products and solutions, export-oriented sales, proven experience, and growth engines. We are convinced that with the help of management and the employees, we will bring the company to new peaks."

Shani added, "We're confident that Unitronics will benefit from FIMI's vast experience in improving companies and increasing their value. Cooperation between FIMI and the company will provide us with the momentum needed to continue developing our growth engines in automated parking solutions and programmed controllers and consolidate Unitronics' status as a global leader in its field."

Unitronics engages in three main spheres: designing, producing, and marketing of industrial automation products, especially programmed controllers; designing, building, and maintaining automated logistics systems, especially automated warehouses; and designing, producing, and marketing robot parking solutions.

In recent years, the company has developed automated parking technology that includes a system of robot units. The system is managed through special software designed to facilitate effective automated storage of vehicles in a parking lot and their rapid removal at the end of parking.

Published by Globes [online], Israel business news - www.globes-online.com - on March 20, 2016

© Copyright of Globes Publisher Itonut (1983) Ltd. 2016

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Ishay Davidi
Ishay Davidi
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