Brothers Joseph (Yossi) and Zwi Williger are joining the growing trend of investment in agri-foodtech, and seek to take advantage of the bubbling IPO market in Tel Aviv to float activity in this field.
Sources inform "Globes" that food company G. Willi-Food Investments Ltd. (TASE:WLFD), controlled by the brothers, is at the initial stages of setting up a venture capital fund that will invest in agritech and foodtech companies, and of raising NIS 100 million for it in an IPO set for early next year.
As far as is known, Willi-Food is examining possible investment in two foodtech companies as a first step in its plans to build a varied portfolio of companies in this field under the fund currently being set up, companies whose business is synergetic with that Willi-Food's food importing and marketing business.
Technological innovation in food and agriculture has developed substantially in Israel in recent years, and companies in this area have been floated on the Tel Aviv Stock Exchange. One such is Meat Tech 3D, in which Rami Levy and meat importer Adom are invested. Another is limited partnership Millennium Food-Tech. Both companies are in the business of advanced meat substitutes.
G. Willi-Food Investments imports, exports and markets more than 600 food products in Israel and overseas, through subsidiary G. Willi-Food International.
The Williger brothers hold 62% of the shares in G. Willi-Food Investments through BSD Crown, which is listed on the London Stock Exchange.
The Williger brothers took control of G. Willi-Food Investments three years ago, for the third time, having sold it twice in the past in deals that brought them hundreds of millions of shekels. In the past three years, the market cap of G. Willi-Food Investments has risen about 150% to NIS 530 million.
The share price of subsidiary G. Willi-Food International, which was listed on the Tel Aviv Stock Exchange in June this year after being listed on Nasdaq only, has since then risen 25%, giving the company a current market cap of around NIS 900 million.
Published by Globes, Israel business news - en.globes.co.il - on October 15, 2020
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