Almost five months after the negotiations were reported by "Globes," SKY Fund, a private equity fund led by cofounders Zvi Yochman and Nir Dagan, has completed its investment in bag manufacturer Kal-Gav. Sources inform "Globes" that SKY Fund invested NIS 90 million Kal-Gav's shares, thereby increasing its holding in the company to 70%, with the rest being held by Kal-Gav founder and CEO Moshe Gantz. The deal was at a NIS 130 million valuation for Kal-Gav. Gantz will continue as CEO after the deal. SKY Fund plans to expand Kal-Gav's activity in Israel and elsewhere, both organically and through mergers and acquisitions.
Kal-Gav was founded 40 years ago by Gantz as a bag manufacturer. The company specializes in schoolbags, and was the first in Israel to make an orthopedic bag. The company later expanded into other spheres, with a specialty in travel packs and bags, camping gear, computer and business bags, clothing, footwear, etc.
Besides its Marco Polo, Leader, Outdoor Revolution, and Kal-Gav brands. Kal-Gav is also the exclusive official distributor in Israel for a series of international brands, amount them Lowe Alpine, Petzl, Salomon, Ghost, Gabel, Thorio, Grisport, Asolo, and Vaude.
SKY Fund specializes in investments in mature Israeli companies in diverse fields. One feature of its investments is becoming a partner with the entrepreneur in the controlling interest in the companies it invests in, with the aim of increasing the value of the asset in Israel and around the world. This was the case with Natali Seculife, Adam Milo, Marina Galil Mushrooms, and others.
SKY Fund, founded in 2005, is managed by Yochman, Dagan, Amir Erben, Zion Agiv, Liat Benyamini, Ron Hochman, and Maytal Heller. The fund has raised $450 million in three funds to date, the third of which amounted to $200 million and was raised two years ago. SKY Fund's investors are Israeli and foreign investment institutions.
SKY Fund's prominent portfolio investments include iDigital, the marketer of Apple products in Israel; coupons website GROO (Groupon); Hamashbir Agriculture, Gestetnertec, Marina Galil Mushrooms; Schnapp Batteries; S.AL Group, and filters manufacturer AL Group. The fund's prominent exits today have included Natali Seculife, sold to international Chinese corporation Sanpower Group, and Spectronix, sold to US company Emerson Electric. In 2019, Sky Fund and stock exchange-listed company Amanet sold project management and operations outsourcing and information company Marmanet to Teldor for NIS 97 million.
Published by Globes, Israel business news - en.globes.co.il - on January 1, 2020
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