Tnuva Food Industries Ltd. revealed plans that it might consider an initial public offering. A market debut for the firm could could place valuations of the firm at ILS8 billion (US$2.2 billion), sources familiar with the plans said. Tnuva Food Industries Ltd. is a cooperative in Israel specializing in dairy products and is currently operated by private equity fund Apax Partners LLP.
The producer of dairy products met with Clal Finance Underwriters Ltd. and other investment banks. Tnuva Food Industries is attempting to get listed on the Tel-Aviv Stock Exchange in the first three months of 2014. Apax may also take into account an outright sale of the firm, according to the source who asked not to be recognized as the discussions are still private.
While spokesmen for Clal and Apax declined to comment, spokeswoman for Tnuva, Alona Arieli, said that Tnuva's shareholders were studying several options to improve the company's capital structure. Arieli continued that one of the options they were looking at was a public listing. According to Apax's website, Kibbutz and different collective farms possess about 23% of the dairy producer.
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