Apax Partners in talks to buy Tambour from Azrieli

Azrieli Group unit Granite Hacarmel is reportedly asking NIS 500 million for the paint manufacturer.

Apax Partners investment fund is conducting initial talks to acquire paint manufacturer Tambour Ltd., which is controlled by Azrieli Group Ltd. (TASE: AZRG) unit Granite Hacarmel Investments Ltd. (TASE: GRNT), sources inform "Globes." Apax is well a well-known investor on the Israeli business landscape - managed by Zehavit Cohen, the fund holds a controlling stake in Tnuva Food Industries Ltd. and Psagot Investment House Ltd.. Apax is holding talks with senior Azrieli executives and with representatives of Barclays, the investment bank hired to support the deal.

Azrieli is asking NIS 500 million for Tambour, which has been up for sale for nearly eight months. The price has deterred previous suitors.

It is understood that Apax also considers that the price is too high but even so it is pushing ahead with the deal. In the past Apax has paid prices considered relatively high.

Acquiring Tambour would fit in with Apax's strategy of buying companies that are among the largest and most dominant in their field.

Published by Globes [online], Israel business news - www.globes-online.com - on December 16, 2013

© Copyright of Globes Publisher Itonut (1983) Ltd. 2013

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