First Israel Mezzanine Investors Fund (FIMI) has invested $30 million in Priortech Ltd. (TASE:PRTC). Half the investment in the Migdal Ha'Emek electronics holding company is a five-year loan and loan option, and half is an option to buy company shares at NIS 25 per share. The loan and options are contingent on updates and adjustments.
Priortech's share price rose 9.7% by midday to NIS 21.85, giving a market cap of NIS 230 million.
Priortech has holdings in three companies: 62% of automated optical inspection equipment manufacturer Camtek Ltd. (Nasdaq: CAMT; TASE:CAMT); 100% of integrate substrates developer Amitech Ltd.; and 68% of contract electronic manufacturing (CEM) services provider PCB Technologies Ltd. (TASE:PCBT).
FIMI managing partner Ishai Davidi said, "Priortech operates in sectors with the potential for strong growth and profits."
FIMI, Israel's largest equity fund, has $1.25 billion in assets. It has invested in 62 companies to date and made 30 exits for more than $1 billion altogether.
Published by Globes [online], Israel business news - www.globes-online.com - on November 30, 2010
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