FIMI Opportunity Funds, Israel's largest private equity fund, controlled by businessman Ishay Davidi, has acquired control of Bet Shemesh Engines Ltd. (TASE: BSEN) from Clal Industries at a NIS 300 million company value. FIMI bought Clal Industries' 42% stake for NIS 125 million at NIS 46 a share.
Founded in 1996, FIMI has $3.2 billion in capital, and has acquired control of 81 companies to date, selling 51 of them in deals totaling over $4 billion.
Bet Shemesh Engines has two main fields of business: producing parts for jet engines, and doing assembly, renovating, and engineering work on jet engines. The company was founded in 1968, privatized in 1992, and held its IPO on the Tel Aviv Stock Exchange (TASE) in 1997. Bet Shemesh Engines' services are aimed at both the civil and military aviation markets.
Most of the company's sales are currently to the civilian market. Its customers include jet engine manufacturers, governments, armies, and civilian aircraft owners, among them international companies GE, Pratt & Whitney, Siemens, and the Israel Ministry of Defense.
Published by Globes [online], Israel business news - www.globes-online.com - on May 31, 2016
© Copyright of Globes Publisher Itonut (1983) Ltd. 2016
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