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Which entered the stock market six months ago, reports that it has signed an agreement to acquire 60% of the Israeli extracts company Elirom, in exchange for NIS 16.2 million (approximately $ 5.1 million), and at a company value of NIS 27 million (approximately $ 8.5 million).
According to the company’s announcement, Balirom’s sales turnover in 2021 was NIS 15.5 million ($ 4.8 million), compared to NIS 13.4 million ($ 3.9 million) in 2020. In accordance with the agreement between the parties, Balirom’s executives will continue to manage and lead Balirom. In the coming years and will join the management team of the Thorpez Group.
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The purchase agreement includes an option (put / call) in relation to the balance of shares in Elirom by Thorpez, which can be exercised from a period of 4 years after the date of completion of the transaction, at a price based on the business’s business performance. The option will be paid in cash or, alternatively, in exchange for Thorpez shares.
Keren Cohen Hazon, Chairman and CEO of the Thorpez Group: “This acquisition is a continuation of the implementation of Thorpez’s growth strategy and is an important step in realizing the expansion of our product portfolio in Israel. Balirom is expected to expand the product portfolio we offer our customers in Israel, while leveraging synergies between group companies and operational efficiencies in production and supply chain.”
The company ended the second half of 2021 with revenue of $ 45.9 million, compared to 39.4 in the first half, an increase of 16.5%. Bottom line, the company’s net profit was about 3% and stood at about $ 6.5 million in the first half. Among other things, against the background of the results, the company’s share has fallen by about 22% of its value since the beginning of the year. However, despite the declines since the IPO, the company’s share has climbed by about 130% and is now traded at a value of about NIS 2 billion.
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