FIMI is paying NIS 347 million for 65% of Israeli thermoplastic compounds company Polyram.
Polyram (1999) Ltd. (TASE:POLRM) has notified the Tel Aviv Stock Exchange of the sale of 65% of its business (excluding its real estate business) to private equity firm FIMI, run by founder Ishay Davidi, for NIS 347 million.
Polyram produces engineering thermoplastic compounds for the automotive, electrical, irrigation, D.I.Y.P, and construction industries. It has a market cap of NIS 605 million. It is 16.7% owned by Moshav Ram-On, near Nazareth. Financial institutions, including Migdal Insurance and Financial Holdings Ltd. (TASE: MGDL) and Yelin Lapidot Investment House Ltd., own about 24.5% of the company.
Among private investors in Polyram are Joseph (Yossi) Beitan (1.19%), Nahum Yanai (0.7%), Eitan Arazi (0.65%), and Yuval Peleg (0.2%).
In 2014, Polyram had revenue of NIS 415.89 million, compared with NIS 379.18 million in 2013. Its net profit rose to NIS 41 million.
Published by Globes [online], Israel business news - www.globes-online.com - on April 27, 2015
FIMI's Ishay Davidi