Kaman Holdings Ltd. (TASE:KMNH), controlled by chairman Roni Elroyi, the son-in-law of Yitzhak Tshuva, has sold its 52.9% stake in Israel Mendelson Technical and Engineering Supply-Kaman (2005) Ltd. (TASE:MNSU.B1) to Ronko Capital Partners Ltd. for NIS 73 million, reflecting a company value of NIS 138 million for Israel Mendelson. Ronko is a private equity fund recently founded by Ron Fainaro and Kobi Shalom, a former CEO and income-producing assets manager, respectively, at Africa-Israel Investments Ltd. (TASE:AFIL).
Kaman will report a net profit of NIS 23 million in its financial report for the first quarter of 2012.
Israel Mendelson handles KMN's water infrastructure business, through a cluster of subsidiaries: A. Alexandrovitz Engineering Plastics and Rubber Ltd.; Hamehadesh Ltd., which manufactures and renovates water pumps; and Palad HY Industries Ltd., a manufacturer of polythene and PVC pipes. Mendelson also owns 80% of Houston-based steel pipes manufacturer Dodson Global Inc.
Elroyi owns 58.6% of Kaman. Kaman's share price was unchanged at NIS 0.83, giving a market cap of NIS 15 million.
Published by Globes [online], Israel business news - www.globes-online.com - on November 8, 2011
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