Keter Plastic, an Israeli housing and garden plastics company, is planning an IPO on the New York Stock Exchange. The company seeks to raise hundreds of millions of dollars with a valuation of $ 200-2.5 billion, depending on market conditions at the time of delivery.
Keter has submitted a draft prospectus to the US Securities and Exchange Commission. Underwriters for this offering include Goldman Sachs, Jeffreys, JP Morgan and Bank of America.
The Keter Group is considered the world leader in household plastic garden furniture, garden sheds, toolboxes, and plastic products. Keter’s Innovation and Development Center is located in Israel, as are nine of its 20 factories. The company employs approximately 5,000 people worldwide (including 2,000 in Israel) and operates in 100 countries. We plan to build two more factories in Israel next year.
According to the draft prospectus, the company reported sales of € 444 million in the second quarter of this year, up 25% from the corresponding quarter in 2020. Quarterly operating profit increased 32% to € 26 million, recording net profit. A quarterly loss of 5 million euros.
Keter was founded in 1948 by Joseph Sogol as a manufacturer of toys and household items. In the 1980s, ownership was transferred to Sogol’s sons Sami and Itzhak Sogol. In 2016, the brothers sold Keter’s control (80%) to private equity firm BC Partners for € 1.4 billion. The Sogol family holds a 20% stake. The acquisition was a leveraged transaction and large bank loans squeezed the company.
Israeli Business News, Published by Gloves- en.globes.co.il -September 19, 2021
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NYSEIPO Keter Plastic File
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