The investment fund will become the controlling shareholder in the water cooler company.
First Israel Mezzanine Investors Fund (FIMI) has acquired the controlling interest in Tana Industries Ltd. (Tami 4) with an investment of $8 million, which doubled its stake in the water cooler company to 40%.
FIMI acquired 20% of Tami 4 in 2005, at an estimated company value of $15 million. Today's investment was made at a company value of $40 million, demonstrating the growth potential that FIMI sees in the company.
Kibbutz Nativ Halamed Heh's stake in Tami 4 will fall to 34% following the new FIMI deal, and the stake of stake of chairman Shmuel Lodinger will fall to 18%.
Tami 4 is Israel's leading water cooler manufacturer. The company's business reflects the country's growing environmental consciousness. The company's Family Water Bar product line saves both energy and plastic bottles and is present in 100,000 kitchens across the country.
Published by Globes [online], Israel business news - www.globes-online.com - on May 27, 2008
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