FIMI Opportunity Funds has completed the sale of irrigation systems company Rivulis to the Singapore's government investment company Temasek at a company valuation of $450 million.
The investment has been a huge success for FIMI, which bought Rivulis in 2014 (then called John Deere Water) for just $57 million. In 2015, FIMI sold a 15% stake in Rivulis for $34 million and in 2017 it merged Rivulis with Eurodrip, the world's fourth largest irrigation company, by reducing its stake to 60%. That deal made Rivulis the world's second largest irrigation company.
FIMI is now realizing its 60% stake at a company valuation of $450 million, thus quadrupling its investment.
Rivulis stated out as Plastro on Kibbut Gvat in the Jezreel Valley before merging with Roberts Irrigation and T Systems to become John Deere Water. Today the drip irrigation and micro irrigation systems company has 16 factories worldwide and 2,000 employees.
Published by Globes, Israel business news - en.globes.co.il - on December 13, 2020
© Copyright of Globes Publisher Itonut (1983) Ltd. 2020