Galam produces value added food ingredients, such as fructose, native and modified starches, and glucose syrups.
Debt recycling fund Beresheit has made its tenth investment - NIS 94 million in kibbutz enterprise Galam Ltd., owned by Kibbutz Maanit. Closing of the deal depends on obtaining approval of the kibbutz, including a vote by the kibbutz members.
The deal reportedly gives Galam a company value of NIS 300 million, before money. Galam produces value added food ingredients, such as fructose, native and modified starches, and glucose syrups.
Beresheit Fund also received an option to up to NIS 20 million worth of Galam shares. The company will use the proceeds to recycle debt and for domestic and international growth. The parties later plan to take the company public on the Tel Aviv Stock Exchange (TASE). An IPO is not on the agenda at the moment, and the parties prefer to use the investment for development and expansion to strengthen the company ahead of an IPO.
Published by Globes [online], Israel business news - www.globes-online.com - on October 18, 2010
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