Viola Private Equity
Viola Private Equity invests in Amiad Filtration Systems
Hertzlya, Israel, 15 January, 2009 – Viola Private Equity acquired approximately 23% of Amiad Filtration Systems (AIM: AFS) from Atorka Group hf, an investment firm, at an aggregate purchase price of approximately US$9 million. In addition, Viola Private Equity was granted an option, under certain terms and conditions, to acquire from Atorka additional shares of Amiad that will bring its holdings in Amiad to approximately 25%. Viola General Partners Osnat Ronen and Harel Beit-On are expected to join Amiad’s board of directors.
Amiad develops, manufactures and sells filtration technology systems to industrial, municipal and irrigation users. Amiad enjoys an excellent reputation, selling its products in 70 countries worldwide. The Company's primary shareholder is Kibbutz Amiad. In the year 2007, Amiad grew its sales by 30% to $57 million and a net income of close to $5 million. In the first half of 2008, Amiad had $39.5 million in sales and a net income of close to $4 million.
Osnat Ronen, a General Partner of Viola Private Equity, commented: ”We have been following Amiad for a while. We were impressed with the company’s consistent growth, superior products, attractive market and strong global brand. Amiad is led by a professional and experienced management team. We look forward to a mutually beneficial partnership with Kibbutz Amiad and the Company’s management.”
Harel Beit–On, Viola Private Equity’s Founder and General Partner, added: “Viola Private Equity targeted the water industry as a preferred sector for investment. The filtration segment, addressed by Amiad, is large and fast growing. Access to clean water is one of the world's greatest challenges - for drinking, for industry, and for irrigation. Amiad helps meet this immediate and vital need with outstanding and reliable filtration technology.”
“We are happy to have Viola Private Equity as a major shareholder in Amiad" noted Rami Treger, Amiad’s CEO and Tal Yeshua, the Chairman of Amiad’s board of directors. "We hope that the addition of Viola Private Equity to the Company’s shareholders will greatly contribute to the expansion of Amiad and its performance.”
About Viola Private Equity
Viola Private Equity is a buyout and growth capital technology fund focusing on investments in established, private or public technology companies. The Fund may also invest in other growth phase companies with proven activity outside of Israel. The Fund acquires substantial holdings in companies, by investing directly into the companies and/or acquiring holdings from existing shareholders, with the aim to lead and contribute to their development and growth.
Founded in 2008, Viola Private Equity is managed by four seasoned partners – Harel Beit-On, Osnat Ronen, Jonathan Kolber and Sami Totah – all of whom have extensive private equity and company building experience.
Viola Private Equity is an affiliate of the Viola Group, a private equity investment group with over $1.8B under management, focused on technology-based investment opportunities in Israel.
Founded in 1962, Amiad Filtration Systems (AIM: AFS) has long been a leader in filtration technology. From massive industrial and municipal installations to sturdy home landscaping filters, Amiad has created clean water solutions relied upon by users in 70 countries.
The Company's North American headquarters is located in Oxnard, California where technical, sales, marketing and the customer service team support field sales staff, manufacturer representatives, and the supply chain. Amiad's 10-acre headquarters complex in Israel includes research and development, manufacturing, warehousing and training facilities. http://www.amiad.com/
^ Back to top | Print