Thursday, January 15, 2009

Viola buys 23% of Amiad Filtration Systems

Viola Private Equity has purchased approximately 23% of Amiad Filtration Systems Ltd. (AIM:AFS) for $9 million.

Viola purchased the stake in Amiad from Icelandic investment firm Atorka Group hf, according to a report in Globes.

Viola partners Harel Beit-On and Osnat Ronen are expected to be named to Amiad's board of directors.

Viola Private Equity partner Osnat Ronen said, "We were impressed that the company has impressive and consistently high growth, high quality products, a wide and stable market, a solid reputation, international standing and talented management. We have been following Amiad for a long time, and turned to a long-term investment, which will lead the company to more significant growth."

Amiad Filtration Systems, controlled by Galilee-based Kibbutz Amiad, with a 53.9 percent stake, manufactures water filtration systems. The company sells its products in 70 countries worldwide. Founded in 1962, Amiad went public on London's Alternative Investment Market (AIM) in 2005.

Viola Private Equity, founded in 2008, is part of the Viola Group founded by Shlomo Dovrat, Harel Beit-On, Avi Zeevi and the late Aharon Dovrat. Viola Group has over $1.8 billion under management.

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