Hamat Plumbing Products Company, which is 55% controlled by businessman and chairman of the board Yoav Golan, yesterday completed the purchase of 70% of the shares in Ziv Kitchens for NIS 35 million.
Hamat is carrying out the deal as part of expanding its activity in the field of equipping residential apartments for the benefit of other areas. According to the terms of the transaction, at the time of completion, Hamat paid the controlling shareholder Avi Ziv a basic consideration of NIS 35 million. It is estimated that he will have an option to sell the balance of his holdings (30%) by January 2024. Ziv will at this stage remain the CEO of the joint venture, which has about 200 employees.
It was determined that at the end of 15 business days from the date of approval of the annual financial statements for 2022, Ziv Kitchens will be entitled to additional financial consideration – provided that the value of the new joint activity based on gross profitability (average EBITDA) for 2021-2022 is higher than NIS 50 million .
Ziv Kitchens is a private company, so the profitability data was not disclosed as part of the transaction. However, its sales for 2020 amounted to NIS 72 million and in the first half of 2021 to NIS 39.6 million. Gross profit in 2020 amounted to NIS 13 million and in the half of 2021 to NIS 5.7 million. The total assets and liabilities in the joint transaction amount to NIS 74 million each.
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