Private equity firm FIMI Opportunity Funds, controlled by Ishay Davidi, announced this morning that it was buying Galam outright from Kibbutz Ma'anit and the Bereshit fund for NIS 290 million.
Galam produces specialty ingredients for the food and non-food industries. It has three main activities: production of sweeteners, chiefly fructose produced from sugar; production of starches for the food and paper industries; and trading in food ingredients.
According to FIMI's announcement, Galam's has annual sales of NIS 450 million and EBITDA of 10% of sales.
Galam sells in 40 countries, with 55% of its revenue coming from Israel and the remainder from the rest of the world. It was founded in 1940, and employs 210 people at the factory at Kibbutz Ma'anit and about 50 others in two subsidiaries in Germany and Spain. FIMI was founded in 1996 as Israel's first private equity fund, and with capital of $3.2 billion it is Israel's largest investment fund.
Published by Globes [online], Israel business news - www.globes-online.com - on October 10, 2016
© Copyright of Globes Publisher Itonut (1983) Ltd. 2016
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