First Israel Mezzanine Investors Fund (FIMI) today completed two acquisitions, which it announced two months ago. The private equity fund founded by CEO Ishay Davidi has acquired 30% of C. Mer Industries Ltd. (TASE: CMER) for NIS 95 million and 50% of Pharm-Up Marketing (1996) Ltd. for NIS 85 million.
C. Mer has a market cap of NIS 355 million and 1,200 employees. The company carries out communications and defense projects, and has stakes in Spacecom Satellite Communications Ltd. (TASE:SCC), anti-bacteriological and anti-fungal polymer coating developer Oplon Ltd., and solar energy company Sun Team Group Ltd. (TASE: SNTG). With the closing of the deal, the agreement between C. Mer chairman Chaim Mer and Davidi comes into effect.
Pharm-Up, including subsidiaries Novolog Ltd. and Trialog Ltd., is a pharmaceutical and medical devices distributor. It has 300 employees and an estimated annual turnover of $500 million. FIMI acquired control of the company from chairman Shaul Kobrinsky and deputy general manager Ehud Pozis.
"FIMI is continuing its investment policy," said Davidi. "During 2013, we've invested more than $130 million in new companies, and sold companies for more than $350 million. We're now in talks on a number of new large investments."
Published by Globes [online], Israel business news - www.globes-online.com - on November 20, 2013
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