The Sky investment fund has signed a deal for the acquisition of a controlling interest in iDigital from six partners in Pitango Venture Capital. Sky bought 65% of iDigital's share capital at a company value of NIS 110 million.
The six Pitango partners who have controlled iDigital up until now are Isaac Hillel, Aaron Mankovski, Nechemia Peres, Zeev Binman, Rami Kalish, and Rami Beracha. Their holdings were privately acquired, not using Pitango's money. Following the sale, they will remain involved in managing iDigital, and will still own shares in the company. Hillel will remain chairman of iDigital.
The shareholders tried to sell the company in 2012 for NIS 200 million, but the attempt was unsuccessful.
Up until recently, iDigital was the sole authorized marketer of Apple products in Israel. Recently, however, iStore also became an official marketer, taking business away from iDigital. iDigital is undoubtedly satisfied with the deal, which is bringing money into the company.
iDigital, which sells products such as iPhones, iPads, and Mac computers, currently has 13 branches. Its CEO is Ayelet Zarfati-Rosen, who replaced iDigital founder Eran Tor in 2013. Toran led the company since he founded it, and was a partner in deploying its stories around Israel.
In addition to the Pitango partners, investment fund Viola Partners, from the Viola Group, invested in iDigital. The Yeda company had the right to distribute Apple products in Israel up until 2007, when the Pitango partners acquired that right.
Sky is a private equity fund that specializes in investments in mature Israeli companies in various sectors. Founded in 2005, Sky is managed by partners Zvi Yochman, Nir Dagan, Dr. Avraham Ortal, Amir Erben, CFO Zion Agiv, and Liat Benyamini.
Sky has raised $450 million to date in three funds: $120 million in the first fund in 2005, $130 million in the second fund in 2011, and $200 million in its current fund, the third.
The Sky fund's prominent exits in the past two years include Natali-Seculife, which provides tele-medical services, and which was sold to international Chinese corporation Sanpower; and Spectronix, a producer of automatic fire detection systems, which was sold to US company Emerson Electric.
The Sky fund's investments include Schnapp Batteries, Hamashbir Agriculture, Gestetnertec, Marina Galil Mushrooms, and Adam Milo.
Published by Globes [online], Israel Business News - www.globes-online.com - on April 5, 2017
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