Apax has sold its 56 percent stake in Israeli food company Tnuva to Bright Food, a Chinese food and agriculture company. Apax purchased the controlling stake in Tnuva in 2008.
Funds advised by private equity firm Apax Partners (“Apax Funds”) announce the sale of their 56% stake in Tnuva, Israel’s largest food company, to Bright Food (Group) (“Bright Food”), one of the largest food and agriculture companies in China.
Tnuva was established over 85 years ago as an agricultural cooperative society and today it is the largest food company in Israel. Tnuva’s operations include production, distribution and marketing of a wide range of food products including dairy, frozen vegetables and pastries, poultry, beef, cold cuts and eggs.
Apax Funds purchased the controlling stake in Tnuva in 2008. During Apax Funds’ ownership period, the company committed over NIS 1.4 billion in capex to enable modernization, innovation and further growth.
Zehavit Cohen, Managing Partner, Apax Partners Israel, who led the transaction on behalf of the Apax Funds said: “This is a great outcome for our partners and Tnuva’s management, employees and other stake holders. In recent years we worked prudently, together with management and employees, to transform Tnuva to a stronger company with excellent long-term prospects”.
The transaction remains subject to regulatory approvals.
About Apax Partners
Apax Partners is one of the world’s leading private equity investment groups. It operates globally and has more than 30 years of investing experience. Apax Partners has advised funds that total over $40 billion around the world in aggregate. Funds advised by Apax invest in companies across four global sectors of Consumer, Healthcare, Services and Tech & Telco. These funds provide long-term equity financing to build and strengthen world-class companies.