Following the completion of the transaction, Fimi increased its holding in Amiad from 18% to 42%, while at the same time the holding rate of Kibbutz Amiad in Amiad was reduced to 33%. Before that, Phimi had in recent years acquired the holdings of the KBI fund and the Bramed company, owned by the kibbutz Evron and Saar.
The current deal was signed last November and is now finalized, after being approved by all relevant regulatory agencies. The transaction was carried out at a price of £ 2.3 per share, which reflected Amiad’s value of £ 52.2 million ($ 65 million) before the transaction was completed (before the money).
Amiad Water Systems is engaged in the development, production and sale of water filtration systems for industrial, municipal, irrigation and home use sectors. The company specializes in filter technology with automatic self-cleaning capabilities and is one of the world leaders in its areas of operation.
In 2019, Amiad’s sales were $ 116 million and the company posted $ 9.7 million in operating profit before depreciation and amortization (8% of turnover). As of the end of 2019, Amiad’s equity amounted to $ 60.3 million.
Amiad Water Systems was founded in 1962 and employs over 700 people worldwide. The company’s main plant is at Kibbutz Amiad, and it owns another factory at Kibbutz Beit Zera. The chairman of the company is Yariv Avishar, while the CEO has served since September 2016, Dory Yabzuri, former CEO of Tama.
In 2005, Amiad was issued on the AIM Stock Exchange in London, and since then its shares are listed for trading there. At the weekend, Amiad’s shares traded at a price of £ 2.15 reflecting the company’s value of £ 48.8m ($ 61m) before the money.
The AIM Stock Exchange is actually an international market of the London Stock Exchange, designed to provide a platform for raising capital for small growth companies. However, it is a market that is underdeveloped and largely controlled by major stock exchanges in the Western world.
Therefore, Fimi is expected to consider the possibility of transferring Amiad Water Systems shares to trading on the London Stock Exchange, in a way that will further enable its dual trading on the Tel Aviv Stock Exchange, under the Double Listing Act. , Fimi may look into the possibility of deleting Amiad Systems’ shares from AIM trading, and subsequently reissuing the company on the Tel Aviv Stock Exchange or even on the NASDAQ.
The Phimi Fund, managed by Yishai Davidi, was founded in 1996 and is the first and largest private equity fund in Israel with managed assets of over $ 5 billion. The Fund acquires control of companies and undergoes significant improvement processes. To date, the fund has acquired control of approximately 90 companies and has exercised approximately 60 of them in transactions of more than $ 5.5 billion.
The foundation currently employs more than 30,000 employees and operates around 50 factories in Israel and another 100 factories and companies around the world. Fimmi invests in Israeli companies and companies that have ties to Israel and to this day has invested in a wide range of areas, including most of the industries, trade and services.
