China's Bright Food to buy 56% stake in Israel's Tnuva
Bright Food has reached a preliminary agreement with Apax Partners LLP, a major shareholder of Tnuva Food Industries Ltd, to acquire a 56% stake in Tnuva, according to a report by Business Week.
Pan Jianjun, a spokesman for Bright Food, said the price has yet to be decided.
Apax Partners, the private-equity firm, said on its website that Tnuva accounts for more than 14% of shelf space in Israel's supermarkets.
According to Apax, Tnuva was founded over 80 years ago as an agricultural cooperative. Its members include 620 farming communities across the country, who supply raw milk and produce to the company.
This is not the first overseas expansion for China's dairy giant Bright Food. In 2012, the company bought a 60% stake in British cereal maker Weetabix Ltd..