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Generation Capital acquires GES from the Azrieli Group at NIS 110 million

  • Generation Capital acquires GES from the Azrieli Group at NIS 110 million

The Israeli infrastructure and energy fund Generation Capital announced this week it will buy GES from the Azrieli Group, at a cost of NIS 110 million (almost €29 million or nearly $32 million), informs Globes. The deal, to be completed by next April 24, is subject to adjustments, namely changes in GES’ working capital and net debt. If indeed the deal is completed prior to May 31, GES’s profits from March 31 will stay in the company.

GES’s revenue in the first 9 months of 2019 was NIS 115.1 million (€30.3 million/$33.2 million), and its adjusted EBIDTA was NIS 16.4 million (€4.3 million/ $4.7 million), with assets of NIS 203.3 million (€53.5 million/ $58.7 million). The company works in water and waste water treatment, purification and desalination, as well as in the design and operation of water and waste water plants. GES has BOT contracts for water and waste water projects, and also manufactures reagents.

CEO Erez Balasha and Chair Yossi Singer created Generation capital in 2018 together with the Viola fund.

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