Sources: The sellers are farms in the Jordan Valley and Milouot Corporation in Haifa Bay.
Apax Partners Israel is in talks to increase it stake in Tnuva Food Industries Ltd. by 6-8%. Sources involved in the talks say that Apax is talks to with organizations "that are talking about selling" their holdings in Tnuva. The sources say that the sellers are farms in the Jordan Valley and Milouot Corporation for the Development of Haifa Bay Settlements Ltd.
Apax and Mivtach Shamir Holdings Ltd. (TASE:MISH) acquired control of Tnuva in early 2008 at a company value of NIS 3.8 billion, paying NIS 2.9 billion for 76.7% of the company, which they bought from kibbutzim and moshavim. The sellers own the remaining 23.3% of the company.
Since the acquisition, Tnuva has distributed huge dividends. Apax has also been seeking an exit for its holding in Tnuva. There has been talk of a Tel Aviv Stock Exchange (TASE) IPO in 2014, although there is no assurance about this or known meaningful progress. There have also been reports that Apax has been in talks to sell Tnuva to China's Bright Food Ltd., although, so far as is known, no concrete offer has been made.
Published by Globes [online], Israel business news - www.globes-online.com - on November 10, 2013
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