Monday, February 11, 2008

Arison Water Initiative completes Dorot acquisition

Arison Water Initiative today completed the acquisition of 96% of Dorot Water Technologies Ltd. for NIS 106 million, reflecting a company value of NIS 130 million, and disclosed details of the takeover, ending months of leaks to media. Kibbutz Dorot will continue to own 4% of the water valves and meters, filters, and irrigation equipment manufacturer, and its CEO, Avi Harpaz, will keep his job.

Arison Water Initiative disclosed that its business plan was approved in June 2007 and that it has been making investments in Israel and other countries since then. Former Mekorot National Water Company CEO Baruch "Booky" Oren is the CEO of the $100 million venture.

Arison Water Initiative said that Dorot Water Technologies, which was founded over 60 years ago, has been growing by 20% a year since 2002 as it established its range of valves and meters for agriculture and municipal water systems. 80% of the company's output is exported. The company has 220 employees.

Last month, Arison Water Initiative made its second investment: a $250,000 venture capital investment in StreamControl Ltd., which develops a comprehensive solution for leakage reduction by pressure management