Shamrock Israel Growth Fund and Kibbutz Neot Mordechai are in talks to sell shoe company Teva Naot Ltd. to Steve Lax, the president and co-owner Yaleet, the company's US distributor. A deal is expected to be signed within days.
Teva Naot, founded by members of Kibbutz Neot Mordechai, is controlled by Shamrock, with the kibbutz holding a minority stake. The company's retail chain has 63 outlets nationwide.
Most of the company's output is exports. It has stores in Germany, eleven stores in Canada, five in Australia, and it opened its first two stores in Japan this month. It sells via outlets in the US and UK. It also exports its shoes to Singapore, Hong Kong, the UK, Belgium, the Netherlands, Scandinavia, and elsewhere.
Teva Neot's annual turnover is estimated at NIS 230-240 million.
Published by Globes [online], Israel business news - www.globes-online.com - on March 12, 2014
© Copyright of Globes Publisher Itonut (1983) Ltd. 2014