Tene Investment Funds completes sale of Netafim Ltd. holding to Permira
Tel Aviv, December 21, 2011 – Tene Investment Funds, an Israeli private equity fund focused on Israeli industry has successfully completed the sale of Netafim Ltd., the global leader in smart drip and micro irrigation. Permira, the European private equity firm, acquired 61% in Netafim from the Kibbutzim Yiftah and Magal and the Israeli funds Tene and Markstone.
Kibbutz Hatzerim will remain a significant shareholder with a 33 per cent holding while Kibbutz Magal will also retain a minority stake.
Netafim is the world's largest drip irrigation company, with sales in more than a hundred countries and manufacturing facilities in Israel and in an additional ten countries worldwide. The drip irrigation concept and technology were invented in Israel by Netafim over forty years ago. Today, drip irrigation serves as the basis for a comprehensive agronomical solution developed at Netafim for specific crops. This solution which substantially increases yield has gained global acceptance as it addresses both the global water shortage and the increasing demand for food.
Dr. Ariel Halperin, Tene's Senior Managing Partner, who led the fund's investment in Netafim stated: "Since our investment in Netafim in 2006, we have focused on the company's growth and development. Today Netafim is the global market leader in its sector, with advanced and sophisticated technologies and agronomical solutions that address some of the world's most pressing issues including the global water shortage and the increasing demand for food". Dr. Halperin continued: "After years of intensive work with the company's management and its other shareholders, I am proud of Netafim's successes which include a revenue increase of a 140% and an increase in operational profitability of 200%. We hand over a stable and growing company which continues to attract the interest of global markets. Netafim is well positioned for additional growth and I believe it will continue to be the global market leader in this sector."
Tene Investment Funds is an Israeli PE fund focused on investment in Israeli industry. Tene invests in established and profitable export and growth oriented companies with leading global market positions.
Among others the fund's portfolio includes investments in Caesarstone – a leading global manufacturer of quartz counter tops, Gazit Industries – a leading manufacturer of extruded plastic products and acrylic boards, and SCR Engineers – a global provider of innovative electronic and computerized dairy farming systems. For more information regarding the fund please see www.tenecapital.com
