FIMI Opportunity Funds announced today that it will acquire control of Delek San Recycling Ltd. for NIS 100 million, using preferred shares. It will control a 38.7%-100% stake, based on Delek-San's performance in the next few years. The agreement had been signed between FIMI, Sano-Bruno's Enterprises Ltd. (TASE: SANO1) (controlled by the Landesberg family), Meir Shani and the entrepreneur Eran Shalev.
Delek-San deals with environmental solutions, mainly the treatment of industrial wastewater with a high ratio of chemicals. The company develops advanced technologies which help protect the environment, providing green solutions which prevent the burning and landfill of industrial waste. Among other things, Delek-San uses high-end refining processes to recycle industrial wastewater with a high chemical ratio. The company is currently building a new chemical wastewater treatment and recycling plant in Dimona.
Ishay Davidi, FIMI founder and CEO, said, "FIMI has made environmental protection a preferential strategic field. The acquisition of new firms dealing in this field has been a higher priority for the fund. The acquisition of Delek-San joins other companies controlled by FIMI, including Hadera Paper Ltd. (TASE: AIP; Pink Sheets: HAIPF) and Overseas Commerce, which focus on environmental protection and have been actively working to develop and significantly expand operations in this field. We are proud to be part of the establishment of the new plant in Dimona."
FIMI fund was established in 1996 and is Israel's first private investment fund. Its $3.2 billion capital makes it the largest investment fund in Israel. FIMI has been acquiring and significantly enhancing companies. It has so far acquired control of 84 companies; in 53 companies, it has realized deals totaling over $4.5 billion. FIMI mainly invests in export-oriented Israeli firms.
Published by Globes [online], Israel business news - www.globes-online.com - on October 5, 2016
© Copyright of Globes Publisher Itonut (1983) Ltd. 2016
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