Tene buying 22% of Caesar Stone
Fund is investing at a company value of $90 million for the quartz-resin surfacing maker
The Tene Investments fund has signed an agreement to buy 22% of Caesar Stone http://www.caesarstone.com/, for $25 million.
Tene also received an option to buy 5% more of the quartz surfacing provider.
The deal prices Caesar Stone at $90 million pre-money. Tene's manager, the economist Ariel Halperin, confirmed the report.
Caesar Stone, owned by Kibbutz Sdot Yam, makes stone-like surfacing substances for the home (for instance, kitchen counters, bathrooms and so on) using a unique technology of its own development, that contains 93% quarts and 3% resin.
Its surfaces are widely mainly used in lieu of marble, in Israel and abroad.
Caesar Stone boasts turnover of about NIS 300 million a year and sells mainly in Israel, the U.S. and Europe.
It will be using the investment from Tene to expand production and marketing.