Viola buys Amiad stake

Viola bought the stake from Icelandic investment firm Atorka Group hf.

Viola Private Equity has bought a stake of about 23% in Amiad Filtration Systems Ltd. (AIM:AFS) for $9 million.

Viola bought the stake from Icelandic investment firm Atorka Group hf (Reykjavik: ATOR).

Viola partners Harel Beit-On and Osnat Ronen are expected to be named to Amiad's board of directors.

Amiad develops, produces, and markets water filtration products for industrial and municipal water infrastructures. Amiad sells its products in about 70 countries.

Viola Private Equity partner Osnat Ronen said, "We were impressed that the company has impressive and consistently high growth, high quality products, a wide and stable market, a solid reputation, international standing and talented management. We have been following Amiad for a long time, and turned to a long-term investment, which will lead the company to more significant growth."

Published by Globes [online], Israel business news - www.globes-online.com - on January 15, 2009

© Copyright of Globes Publisher Itonut (1983) Ltd. 2009

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