Irrigation and water technologies manufacturer Netafim Ltd. has signed an memorandum of understanding (MOU) to acquire the controlling interest in Dutch irrigation and greenhouse horticulture company Revaho. Netafim said the move was part of its growth strategy. Revaho, one of Europe’s leading companies in its field, has been Netafim’s exclusive representative in the Netherlands and UK for many years.
Revaho posted $90 million in sales in 2006, 20% growth over 2005. The company operates in the Netherlands, the UK, South Africa, Russia and South Korea.
Netafim had $400 million in activity in 2006. The company operates worldwide through 30 subsidiaries and 11 factories, and has 2,200 employees. The company is jointly owned by Kibbutz Hatzerim, Kibbutz Yiftach, and Kibbutz Migdal, and by Markstone Capital Partners Group LLC and Tene Investments Ltd. The company’s CEO is Ofer Bloch and its chairman is Reuven Bachar.
Bloch said, “The acquisition of Revaho will help Netafim expand into new target markets.”
Published by Globes [online], Israel business news - www.globes.co.il - on July 11, 2007
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