Plas Fit Acquires Debt-Ridden Kibbutz Gaash Lighting Company for 8 Million Shekels

Plas Fit, a plastics company controlled by the Kadima Fund and businessman Kobi Fridrich, has signed an agreement to acquire the operations and assets of the kibbutz lighting company Gaash LED. Gaash LED had filed for a debt freeze due to liabilities totaling 22 million shekels. The deal, valued at 8 million shekels and approved by the court, includes the purchase of Gaash LED's operations, brand reputation, inventory, and customer debts.

This acquisition creates business synergy between Plas Fit and Gaash LED, expanding Plas Fit's product range and customer base. Upon completion, Plas Fit will significantly enter the institutional lighting market, a new sector for the company. The bankruptcy proceeding aims to preserve Gaash LED as a going concern, ensuring continued operations with customers and suppliers while maximizing creditor returns.

Gaash LED began operations in 1964 under Gaash Lighting Products and moved to the kibbutz cooperative in 2013. The cooperative manufactures and markets lighting fixtures primarily for institutional clients, including public buildings, offices, warehouses, and street lighting, with its factory located on the kibbutz grounds. The sale process was led by Gaash LED's trustee Nir Ben Yaakov, attorney Yossi Mendelson from Lipa Law Firm, and attorney Ehud (Udi) Gindes representing Plas Fit.