UK private equity firm Grovepoint backs Israeli biotech developer Algatechnologies

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UK private equity firm Grovepoint Capital has invested in Israeli biotechnology developer Algatechnologies in a deal that values the company at around $50m.

According to Haaretz, the firm invested between $15m and $20m for a controlling stake in the company. Grovepoint recently launched an Israeli office, headed by partners Gil Meirovich and Hagai Stadler.

Algatechologies specialises in the commercial cultivation of microalgae. Founded in 1998, the company’s major shareholders include UK-based JCA (Jewish Colonization Association) and Kibbutz Ketura.

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