Mishmar HaEmek, one of the wealthiest kibbutzim in Israel, continues to invest the capital accumulated from its industrial activity in buying shares of kibbutz companies. Two years after buying a quarter of irrigation products company Bermad, Mishmar HaEmek recently made a NIS 90 million investment in buying the holding of private equity fund Tene in Ricor, "Globes" has learned.
Ricor, valued in the deal at NIS 350-400 million, is controlled by Kibbutz Ein Harod (75%), which, like Mishmar HaEmek, is in the Jezreel Valley. The company develops and manufactures cryogenic cooling solutions and vacuum systems. Its specialty is miniature refrigerators for cooling infra-red sensors, mainly for thermal imaging systems, in addition to products for the semiconductor industry and others.
Ricor was founded in 1967 as a division of metalworks company Palbam, which also belongs to Kibbutz Ein Harod. It is currently run by Yuval Beeri, who was previously CEO of listed pool cleaning robot company Maytronics Ltd. (TASE:MTRN), controlled by Kibbutz Yizre'el.
Last year, together with Kibbutz Yizre'el, Ricor bought the activity of Netzer Precision Position Sensors for NIS 45 million, mainly from the family of Stef and Eitan Wertheimer, part of a sell-off of assets by one of the wealthiest families in Israel. The acquisition was divided 60% to Ricor and 40% to Kibbutz Yizre'el. It is seen as a stretgic deal for Ricor, for developing growth engines in precision electro-mechanical products. Before the acquisition, the two companies came together in the defense market.
Kibbutz Mishmar HaEmek owes its wealth to its control of Tama Plastic Industries, one of the three most profitable companies in kibbutz industry, with an annual sales turnover of NIS 2.3 billion. Its main products are wrap and protection products for agriculture, mostly for export. It employs 1,750 people. It was founded on Kibbutz Mishmar HaEmek in 1950. Kibbutz Gal'ed later came in as a partner.
Published by Globes, Israel business news - en.globes.co.il - on June 28, 2021
© Copyright of Globes Publisher Itonut (1983) Ltd. 2021