Rivulis Irrigation buys Greek co Eurodrip

Agriculture

The Israeli company, controlled by FIMI and based at Kibbutz Gvat, is now the world's second largest irrigation systems manufacturer.

Israeli drip irrigation manufacturer Rivulis Irrigation announced today that it has acquired Greek irrigation company Eurodrip, the world's fourth largest irrigation equipment company. The acquisition will make Rivulis into the world's second largest irrigation company outside of India. No financial details about the detail were disclosed although the announcement did say that it was an all-share deal.

Israeli private equity firm FIMI Opportunity Funds (FIMI), controlled by Ishay Davidi, will remain the controlling shareholder in Rivulis after completion of the deal. Based at Kibbutz Gvat near Afula in the Jezreel Valley, Rivulis was formerly Plastro and then the water division of John Deere, before it was acquired by FIMI. Last year, FIMI sold a 20% stake in Rivulis to Indian partner Dhannan Engineering (DEL) and the company also has US shareholders.

Senior FIMI partner and Rivulis chairman Gillon Beck and Rivulis CEO Richard Klapholz will remain in their positions. The consolidated company expects revenue of NIS 1.25 billion in 2017.

Klapholz said, "We are excited by this merger of two leading companies in the field of micro-irrigation. Merging forces will best serve the growing needs of the global irrigation market. We can allow more farmers worldwide to enjoy water savings and larger and better quality yields stemming from the use of advanced agricultural technology."

Published by Globes [online], Israel business news - www.globes-online.com - on January 11, 2017

© Copyright of Globes Publisher Itonut (1983) Ltd. 2017

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