The acquisition of Danel valued it at up to NIS 170 million.
Private equity group KCPS Israel Private Equity Partners LP has made its third acquisition in Israel in two weeks with the acquisition of Employment agency Danel (Adir Yeoshua) Ltd. (TASE:DANE). Danel said today that KCPS had acquired a 51% stake in it for NIS 88 million, giving it a company value of NIS 160-170 million. KCPS previously acquired engineering company Brand Industries Ltd. (TASE:BRND) and insurance software company FIS Solutions Ltd..
Danel is one of the five largest employment agencies in Israel. Danel specializes principally in nursing staff, providing services to more than 10,000 customers. The company was founded by the Adir family in 1976 and floated on the Tel Aviv Stock Exchange (TASE) in 1992. The family will retain 10% of the company following the acquisition with Psagot Ofek Investment House Ltd. owning a further 11.5%, and 27.5% owned by the public.
KCPS Israel was established in November 2006 as part of the global financial services group KCPS & Co. It has offices in Israel and New York and its principal shareholders are Pasgot's controlling shareholder York Capital Management LLC and Michael Steinhardt, one of Wall Street's largest investors and considered one of the pioneers of the hedge fund industry. KCPS's first acquisition in Israel was that of insurance software company FIS Solutions Ltd..
Published by Globes [online], Israel business news - www.globes.co.il - on January 3, 2008
© Copyright of Globes Publisher Itonut (1983) Ltd. 2008