Israeli private equity firm Fortissimo Capital The company, run by its founder Yuval Cohen, plans to float shares in a food manufacturing company injury. Since its acquisition of Sugat, Fortissimo has strengthened the company.
Fortissimo, which last month completed the acquisition of telecommunications company Celcom, recently held a series of meetings with local underwriters and is considering an IPO for SOGAT with a valuation of the company at NIS 1 billion, but due to the war and current market conditions, the IPO is still under construction. This is unlikely to happen until the last quarter of 2024 or the first half of 2025.
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Sougat imports and produces a range of cooking ingredients including sugar, rice, grains, breadcrumbs and couscous. Its main factory is located in Kiryat Gat and covers an area of 100 dunams (25 acres). It was built in 1957 to produce sugar from beets that were grown in the northern Negev. The company built a sugar refinery in 2009 but closed it in 2018 due to changing global market conditions and is currently importing sugar from all over the world.
Fortissimo acquired Sugat in 2019 from an international company and has since sold the land surrounding its factory in Kiryat Gat and brought on a 20% partner in 2021 for NIS 160 million, reflecting a company valuation of NIS 800 million. Fortissimo also expanded the company by acquiring companies that produce cooking oils, poppy seeds, coffee and tahini.
Published by Globes, Israel Business News – en.globes.co.il – on June 13, 2024.
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