Apax in talks to buy Tambour from Israel’s Azrieli – Reuters

Reuters – Private equity firm Apax Partners is in advanced talks to acquire paint company Tambour Ltd from the Azrieli Group, Israeli media reported on Tuesday.

The acquisition will be made at a value of 800 million shekels ($229 million) including Tambour’s debt of 300 million shekels, the Globes financial daily said.

Apax could not be reached for comment while Azrieli declined to comment.

Globes said Apax will make the acquisition through a new fund that it established for investments in Israel.

A source close to the talks said Azrieli, which focuses on operating shopping malls, was in talks to sell its stake in Granite Hacarmel and its units, which include Tambour and Sonol, a distributor of refined petroleum products.

Apax already owns Tnuva, one of Israel’s largest food companies, and the Psagot brokerage.