Strauss Group Ltd. (TASE:STRS) is considering acquiring water cooler maker Tana Industries Ltd, which operates under the brand name, Tami4 Ltd.. A deal, if concluded, would be handled through Strauss’s water subsidiary.
First Israel Mezzanine Investors Fund (FIMI), run by managing director Ishai Davidi, owns 40% of Tana Industries, and Kibbutz Netiv Halamed Heh owns 30%. The company has an annual turnover of NIS 300 million, and a profit margin of 10%. 90% of the company’s sales are domestic, and it has sales worldwide.
Market sources believe that Strauss will pay NIS 350 million for Tana Industries, reflecting a sales multiple of 1.2. Strauss posted a NIS 90 million net profit on NIS 1.5 billion in sales for the first quarter of 2009.
Published by Globes [online], Israel business news - www.globes-online.com - on July 5, 2009
© Copyright of Globes Publisher Itonut (1983) Ltd. 2009