BC Partners, the London-based private equity fund, said Thursday it had signed an agreement to buy control of Israel’s Keter Plastic and expects to complete the deal by the fourth quarter of this year.
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BC Partners didn’t say what it was paying the Sagol family, which currently owns the company, for Keter, but reports last week when news of the sale first surfaced valued the company at between 6.5 billion and 7 billion shekels ($1.7 billion to $1.8 billion). The Sagols will retain 20% of the company.
“BC Partners has a distinguished track record of developing family-owned businesses and helping them realize their full potential,” Sami Sagol said in a statement.
Keter had sales of 800 million euros ($886 million at current exchange rates) last year, half of them generated by products developed in previous years, which BC Partners said testified to the company’s innovative capabilities.
Founded in 1948, Keter employs 4,000 people globally and operates 18 plants.