Gadot Chemical Terminals News
4 articles
growth-positive
Tene to acquire Gadot Chemical Tankers for $73m
Tene Investment Funds Ltd. has acquired Gadot Chemical Tankers and Terminals Ltd. for $73 million. The acquisition came after a tender process in which other bids were around $70 million. FIMI Opportunity Funds had made a higher bid of NIS 74.5 million, but it was disqualified for being submitted after the deadline. Gadot Chemical Tankers, which was founded in 1958, operates through subsidiaries in Europe and Israel to store and ship chemicals. The company was put up for sale by Israel Discount Bank to recover a loan.
Acquisition
growth-negative
Private equity funds to buy Gadot, John Deere Water
Gadot Chemical Tankers and Terminals Ltd. and John Deere Water are up for sale. The value of the deals at both companies is estimated at tens of millions of dollars. Potential buyers include FIMI Opportunity Funds, Sky Fund, Emilia Development, Tene Investment Funds, Cartesian Capital Group, and a foreign consortium. Gadot Chemical Tankers has a large financial debt and John Deere Water has heavy losses. The deadline for bids is January 23. Gadots receivers are seeking to sell the company for at least $70 million to recover the loan given by Israel Discount Bank. John Deere Waters annual turnover is estimated at $250 million, with an annual loss of $40 million. Deere & Company decided to sell its water business in September 2013.
Acquisition
growth-positive
Ampal buys Gadot Chemicals Tankers
Ampal-American Israel Corporations subsidiary, Merhav Ampal Energy Ltd., is set to acquire a 63.66% controlling interest in Gadot Chemicals Tankers and Terminals Ltd. for NIS 348 million ($88.5 million). The acquisition is expected to be completed by the end of 2007, pending approval from the Antitrust Authority. Ampal aims to build a portfolio of assets with strong cash flow and plans to develop Gadots business in Israel and abroad. In its recent financial report, Ampal posted a consolidated net profit of $11.9 million in the third quarter, compared to a net loss in the same quarter of the previous year. Ampal is also investing in ethanol and other energy ventures. The companys market cap is $394 million.
Acquisition
growth-positive
Gadot Chemicals heads for the TASE
Gadot Chemicals, owned by Moshe Johananoff, is planning to raise capital through an IPO. The IPO will be held next week, with a total expected value of NIS 75 million. The underwriters, Poalim IBI, have proposed a structure where one-third of the capital will be raised as a stock issue, one-third as negotiable bonds, and one-third as a sales offering by Johananoff. Gadot Chemicals is an industrial company that imports and markets chemicals, provides storage and transportation services, and has recently expanded into the pharmaceuticals trade. The company highlights its good management, business stability, and a strong list of suppliers and clients. The IPO is expected to be successful, although there may be more interest in the negotiable bond component than in the stock issue. The companys value for the IPO is estimated to be around NIS 200 million.
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