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Apax agrees exit for Israeli food company Tnuva

22 May 2014

milkEuropean buyout group Apax Partners has agreed an exit for Tnuva, the largest food manufacturer and distributor in Israel, with the sale of a 56 per cent stake to China’s Bright Food Group.

The company is valued at approximately $2.5bn, according to Reuters.

Earlier this year Tnuva was said to be eyeing a potential IPO on Tel Aviv’s stock exchange, while also holding talks with Bright Food.

The company is one of its most well-known companies in Israel and owns seven out of the ten most known food brands in Israel and accounts for over 14 per cent of shelf space in supermarkets.

Apax acquired the company in 2008, in a deal that included Israeli investor Mivtach Shamir Partners.

Last December Apax was said to be looking to raise up to $300m for an Israel-focused buyout fund.

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