Tambour Acquires Control of Sheffer Industries Ahead of IPO
תומצת מתוך Calcalist על ידי baba
Tambour is acquiring a 51% controlling stake in Sheffer Industries, a curtain wall manufacturer, for NIS 45 million, just before its own planned IPO. This strategic move allows Tambour to enter a new market segment and potentially boost its construction product sales. The deal faces potential scrutiny from the Competition Authority, recalling a previous blocked acquisition, but is expected to be less problematic. Tambour, owned by Kusto Group, plans to raise NIS 500 million in its IPO.
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- Tambour is acquiring 51% of Sheffer Industries for NIS 45 million before its IPO.
- The acquisition allows Tambour to enter the curtain wall market.
- Sheffer Industries employs 300 people and specializes in curtain walls for buildings.
- Tambour postponed its own NIS 500 million IPO plan but may try again in 2027.
- A previous Tambour acquisition was blocked by the Competition Authority.
- Tambour is owned by Kusto Group, controlled by Kazakh business figures.
Just before its stock market debut, Tambour, a leading Israeli manufacturer of paints, coatings, and advanced building materials, has strategically acquired a controlling stake in Sheffer Industries Aluminum, a producer of curtain walls. Tambour will purchase 51% of the Emek Hefer-based company for approximately NIS 45 million, with an option to increase its stake to 66% within a year. The deal marks Tambour's entry into the curtain wall sector, Sheffer's core business, which involves creating decorative exterior envelopes for buildings. Sheffer is considered a mid-sized player in this market, and Tambour aims to leverage this acquisition to gain a foothold and promote its own construction and paint products to contractors.
Sheffer Industries, owned and managed by Ami Miron, employs 300 people at its 9,000-square-meter factory in Emek Hefer. Its primary focus is curtain walls, mainly installed in office towers and high-density residential projects, though it also manufactures aluminum windows and other products. Tambour, led by CEO Micha Shreier, had previously prepared for an IPO on the Tel Aviv Stock Exchange, planning to raise NIS 500 million at a NIS 2 billion valuation, but postponed the plan. Following this acquisition and potential revenue growth, Tambour might aim for a higher valuation in a future offering, possibly in 2027. Company representatives deny any connection between the acquisition and the IPO postponement.
The deal's approval by the Competition Authority may present challenges, as a previous acquisition by Tambour of Apolak, a paint and coatings manufacturer, was blocked in 2024. The Competition Authority, under Director General Michal Cohen, imposed stringent conditions on the Apolak deal due to concerns over a combined market share of 65%-70% in flame retardants and coatings, leading Tambour to withdraw its application. However, the Sheffer acquisition is expected to face fewer regulatory hurdles, as Tambour currently has no presence in the curtain wall market.
Tambour, established in 1936, is owned by the Kusto Group, a conglomerate controlled by Kazakh business figures including Yarkyn Tatishchev. Kusto Group operates in various sectors including infrastructure, energy, building materials, and agriculture across multiple countries. Tambour itself has annual revenues estimated at NIS 2 billion and an EBITDA of NIS 300 million, with six factories across Israel and facilities in Spain and Italy.
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