Fortissimo Wins Acquisition Tender for Dry Foods Company Sugat

Israel-based private equity firm Fortissimo Capital Management has won the tender for the acquisition of Israeli dry foods manufacturer, importer, and packager Sugat Industries Ltd., according to one person familiar with the matter who spoke to Calcalist on condition of anonymity. The firm will pay about $65 million for Sugat, the person said. The agreement will be signed in the next few days, the person said.

Sugat's current owner is London-based commodities trader ED&F Man Holdings Ltd., which has hit financial difficulties in recent years.

Fortissimo will be making the acquisition via Israeli salt company Melach Haaretz Ltd., which it acquired from Israeli billionaire Shari Arison in January for NIS 170 million (approximately $48.2 million). If the Sugat deal is completed, Fortissimo intends to merge Sugat and Melach Haaretz into a single entity.