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Tene Fund to Buy Controlling Stake in Industrial Valves and Actuators Company Habonim

Founded in 1949, Habonim manufactures valves and actuators for the chemical, oil, and gas industries

Golan Hazani 11:2516.09.19
Israel-based Tene Investment Funds Ltd. will be acquiring a 74% stake in Habonim Industrial Valves & Actuators Ltd. for NIS 100 million (approximately $28.3 million), according to one person familiar with the matter who spoke to Calcalist on condition of anonymity. The deal, which is being made according to a company valuation of NIS 130 million (almost $37 million), is nearing closure, the person said. Most of the funds will go into the company, which will issue new stock for the deal.

 

Founded in 1949 and based in Kfar HaNassi, a kibbutz in northern Israel, Habonim manufactures valves and actuators for the chemical, oil, and gas industries. Its sales are estimated at NIS 100 million to NIS 150 million (approximately $28.3 million to $42.5 million) a year, most of them to companies outside of Israel.

 

Habonim's factory in Kfar HaNassi. Photo: Ephraim Shrir Habonim's factory in Kfar HaNassi. Photo: Ephraim Shrir

 

 

For the acquisition, Tene will use its fourth fund, which closed $410 million in commitments in September 2017 to invest in exporting companies. This is Tene's third deal for its fourth fund.

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