Private equity firm Apax Partners has sold its 56% stake in Tnuva, Israel’s largest food company, to Bright Food (Group), a food and agriculture companies in China.
Tnuva was established over 85 years ago as an agricultural cooperative society and today it is the largest food company in Israel.
Tnuva’s operations include production, distribution and marketing of food products such as dairy, frozen vegetables and pastries, poultry, beef, cold cuts and eggs.
Apax Funds purchased the controlling stake in Tnuva in 2008.
During Apax Funds’ ownership period, the company committed more than NIS 1.4 billion (US$0.4 billion) in capex to enable modernization, innovation and further growth.
The transaction remains subject to regulatory approvals.