Sano in talks with ED&F Man to buy Sugat

Sugat rice Photo: Eyal Izhar

If the deal goes through, Sano will enter the food market for the first time.

Israeli toiletry and cleaning products manufacturer Sano-Bruno Enterprises Ltd. (TASE: SANO1) is in talks with British food giant ED&F Man to acquire Israeli sugar and rice manufacturer Sugat, sources inform "Globes."

If the deal goes ahead, Sano, controlled by the Landsberg family, will enter the food industry for the first time ever. Sano declined to confirm or deny the report.

Two months ago ED&F Man hired the services of Leumi Partners to find a buyer for Sugat. In addition to Sano, Leumi Partners has met with private equity funds and investors associated with Sugat CEO Giles Gamon.

Sugat had revenue of NIS 410 million in 2018, down 4.4% from 2017, while revenue from Israel's food sector rose by 4.4%.

Published by Globes [online], Israel business news - en.globes.co.il - on July 2, 2019

© Copyright of Globes Publisher Itonut (1983) Ltd. 2018

Sugat rice Photo: Eyal Izhar
Sugat rice Photo: Eyal Izhar
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