Infrastructure and Energy Company
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Which deals with underground projects and energy acquires control (67%) of Mr.-Ter, a contractor for marine works and development, for NIS 28 million, and at a value of NIS 50 million – but Rimon will receive a dividend of NIS 9 million from the company immediately after the purchase. Therefore, in practice, it will pay NIS 19 million. The balance of the shares will remain in the hands of the seller, White Knight Services SA Rimon will not have to raise to finance the purchase.
Mr.-Ter performs work in Israel in the maritime space, such as inserting rigs and piles, performing embankment work at sea and on land, digging shafts, treating groundwater, marine excavations other than using excavator ships and soil consolidation. In addition, the company is engaged in the field of pipe welding and concrete work, and Rimon explains that these are synergistic areas for its activity.
Results of Mr. Terr in the last two years
Mr. Ter-‘s revenues in 2020 and 2021 were NIS 72 million and NIS 108 million, respectively. EBITDA amounted to NIS 9 million and NIS 13 million, respectively. The total assets were NIS 94 million and NIS 109 million, respectively, and the total liabilities were NIS 23 million and NIS 31 million, respectively.
Rimon also recently announced the acquisition of a Spanish company engaged in the field of repression and tunneling (land and sea) worldwide for 67.5 million euros.
Yossi Elmalem, CEO of the Rimon Group: “The acquisition of ‘Mr.-Ter’ fits precisely into our strategy. The acquisition allows us to enter the field of marine work that is being developed for the group to enter new customers such as work in ports and sea. The company’s strategy is to grow through mergers and acquisitions while taking advantage of market opportunities and we continue to explore additional deals and create growth engines for the coming years. “
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