New partners entered the controlling nucleus of the energy infrastructure company Inter Industries Plus yesterday. The company is controlled by other sources of energy – OSEG, by former Mossad chief Tamir Pardo and director general of the Ministry of Energy in the 1990s Asi Shalgi.
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OSEG and the previous controlling shareholders of Inter Industries Plus – a group led by Aryeh Korotkin – put into the control core the Nokd Capital hedge funds of Roi Vermus and Shlomi Bracha and Alfa Erech of Gabi Dishi and Michael Weiss.
The company’s chairman, Aryeh Korotkin, and the shareholders who were part of the group he headed, sold shares to Noked and Alpha Funds for NIS 19.7 million. Alpha, which already held a stake in Inter Industries, increased its holding to 12.6%. , And the NIS 14.7 million it pays in the deal will buy it 11.3% of the shares of Inter Industries Plus.
OSEG’s investment in Inter Industries Plus began at the end of March 2020, when it acquired in the agreement approved at the shareholders’ meeting in June that year 17.4% of the company’s shares for NIS 8 million, and also received an option to purchase an additional 18.5% for NIS 13.25 million. Until the current transaction, OSEG’s holding in Inter Industries Plus has dropped to 30.5%, after allocating options to the company’s CEO Jerry Schnirer, among others. In the current transaction, OSEG from the Korotkin Group also acquires an additional 1.4% share for NIS 2 million, so that its holding now stands at 31.9%.
Investors, who were enthusiastic about the announcement of the entry of Nokd Capital and the increase in holdings of Alpha Value and OSEG, jumped the share yesterday by 15.2% to a price of NIS 9.17 – a price that embodies the company’s market value of NIS 153 million. This is after the stock climbed 82% within two years. On paper, Fredo and Snowy’s OSEG has made a smart move, as it benefits even on the small stock purchase it made yesterday. In total, OSEG has a profit of about NIS 25.6 million on paper, since the value of its shares is NIS 48.8 million, while it has invested NIS 23.2 million in their purchase.
Even after the current deal, this is not the end of Inter Industries’ capital operations. Earlier this week the company announced it was considering a rights issue, but its structure and date have not yet been set. Following these transactions, the company will be provided with sufficient cash, which will allow it to continue with its expansion plans.
Inter Industries Plus works in the design and construction of engineering projects in the fields of energy. It was founded in 1973 and currently employs 550 people, including 55 engineers and 55 practical engineers.
The company is engaged in projects for the construction of electrical infrastructure in industry, including the construction of small power plants powered by natural gas, activities in the field of air conditioning and plumbing, infrastructure works and the construction of solar fields. In October, the company acquired 55% of Constantine from Etche, which specializes in service and maintenance in the fields of energy, electricity and air conditioning, and manages dozens of multi-year service contracts.