Plenus

Plenus Provides $8mm to Finance C.A.L Acquisition

 

 

 

 

The Mezzanine financing provided by Plenus will enable the buyers to use a leveraged buyout mechanism (LBO ) to purchase all of C.A.L shares from the Nir Shitufi Agricultural Cooperative and  The Plants Production and Marketing Board.

C.A.L. Cargo Airlines, Ltd. is an Israeli based All-Cargo Airline. C.A.L. was founded in 1976 and has been operating as a scheduled cargo airline since 1999. The company operates B747-200F aircrafts, in full cargo configuration and is active today in 3 major fields: Scheduled Routes, ACMI & full Charter Flights, Cargo Handling and Logistics.

In June 2010, "Kanfei Haggai" reached a transaction agreement with C.A.L after closely evaluating the company's performance and its business potential. The loan  provided to Kanfei Haggi enables completion of the trasnaction and grants Plenus equity in the company alongside ongoing interest payments.

Ruthi Simha, Genenral Manager and Co-Founder of Plenus said that  "Plenus specializes in providing financing that is individually tailored to each company. Mezzanine loans that serve both as debt and an alternative to equity financing, requires deep  understanding of the borrowers needs. We worked closely with the buyers and are highly impressed with the experience and skills they bring to C.A.L. We are confident they can leverage their operational and managerial skills to propel C.A.L to reach even greater achievments."

Ofer Gilboa, owner of Kanfei Haggai said that " C.A.L has a unique advantage deriving from its ability to transport large and unusual freight. The company's performance coupled with its dedication to its customers, enbled it to establish a strong brand over the years that is reflected in its impressive customer base. We intend to perserve this dedciated team and their achievements. The company's customers expect an upgrade to the company's fleet while maintaining the level of support they are accustomed to, and we fully intend to satisfy their expectations."

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