KCPS, Bereshit take over Aeronautics - Israel Business, Ynetnews
 
ynetnews
web


   Israel News

Israel News
World News
Israel Opinion
Jewish
Israel Business
Israel Culture
Israel Travel
Calcalist Exclusive

Aeronautics UAV (archives)
Aeronautics UAV (archives) 
 
 

KCPS, Bereshit take over Aeronautics

Leverage funds took control of unmanned vehicle maker after it fails to meet its financial covenants. Together with Viola Group, two funds will own 70% of the company while Shaked family will reduce its holdings to 22%

Golan Hazani, Calcalist
Published: 11.07.12, 15:17 / Israel Business

New owners at Aeronautics: Leverage funds KCPS and Bereshit, together with Viola Group, have taken control of unmanned vehicles maker Aeronautics, with the agreement of the shareholders, Calcalist has learned.

 

The takeover comes on the backdrop of the company's failure to meet its financial covenants. Following the takeover, the three funds will own 70% of the company together and will take over its management, with KCPS and Bereshit at the helm.

 

Until now, each of the leverage funds owned 6% of the shares; however, under the board of directors' decision from two days ago, the funds will exchange the company's $17 million debt for shares and the company will hold a financing round for another $15 million, after which the funds will control 23%-24% of its shares each, and the Viola fund will control 21% of the shares.

 

The Shaked family, which owns % 40 of Aeronautics' shares, will slash its stake to 22%.

 

Although under the terms of the takeover Eitan Ben Eliyahu will stay on as company chairman, CEO and founder Avi Leumi will be replaced. Both funds will add another director to the board and will thus have two directors each.

 

In September 2011, Bereshit and KCPS leverage funds entered an investment in Aeronautics, with a $35 million capital and convertible loan each.

 

This report was originally published in Hebrew by Calcalist

 

 

commentcomment   PrintPrint  Send to friendSend to friend   
Tag with Del.icio.us Bookmark to del.icio.us




 

RSS RSS | About | Contact Us | Privacy Policy | Terms of use | Advertise with us | Site Map

Site developed by  YIT Advanced Technology Solutions