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KPM G Israel Deals Newsletter Septem Ber Edition

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KPM G Israel Deals Newsletter Septem Ber Edition KPMG Israel Deals SeptemberNewsletter Edition Israel has a long standing name as a “Start-up Nation” and of breakthrough treatments, innovative the epicenter of world innovation. It hosts more venture technologies and blockbuster drugs in the capital firms and start-ups on a per capita basis than any global healthcare market, and is ranked 1st other country in the world, and in tech terms, it is only worldwide in medical device patents and 2nd second to Silicon Valley. in medical device solutions per capita. The rapid growth experienced in recent years in the Israeli life Israel’s rich entrepreneurial ecosystem, supported by sciences industry is underpinned by world class academic Dear Friends, generous government R&D spending, has opened doors for and medical institutions, consistent government support, and ample M&A opportunities. FY17 marks yet another strong a strong presence of multinational life science corporations year in the Israeli M&A market, with approx. 131 M&A deals, who have established local R&D centers. worth a total of USD 12.2 billion, excluding the USD 15.3 billion acquisition of Mobileye by Intel1. Israeli start-ups raised With a steady increase in the number of patents filed and the a record of USD 5.24 billion (620 deals), up 9% from USD rising number of start-ups in this field, Israel’s life science 4.83 billion in FY16 (673 deals) and demonstrating consistent industry is riding the crest of a wave of the future. This growth since 20132. edition looks at success stories of life science companies like Teva – the undisputed leader in generic medicines, Valtech Although private equity activity in the Israeli market is still Cardio Ltd., Syneron Medical, Mazor Robotics, API Perrigo relatively young compared to other countries, many of the and many others. In addition, it covers interesting facts about global leading private equity players have a local presence in investments made in Israel in Q4-17 and Q1-18, and provides Israel and are clearly enthusiastic about finding investment a glimpse into the Israeli virtual reality company Vortex which opportunities here. developed the world first and only complete onsite, location- based virtual reality tour of ancient ruins and archaeological This edition of PE investments in Israel explores Israel’s thriving sites of the old cities of Caesarea, Acre and the Western Wall life sciences industry, with a focus on the three most promising Plaza in Jerusalem. sub-sectors: medical devices, pharmaceuticals, and digital healthcare. Israel’s life sciences ecosystem is a leading source 1. www.calcalistech.com 2. www.ivc-online.com Yoav Lavy Hillel Schuster Amir Shani Partner, Partner, Partner, Head of Deal Advisoy Deal Advisory Deal Advisory KPMG Somekh Chaikin KPMG Somekh Chaikin KPMG Somekh Chaikin [email protected] [email protected] [email protected] +972 368 48558 +972 3684 8546 +972 368 48661 Table of Contents Investments in Israel September 2018 Business insights 3 Market spotlights: Life science in Israel 6 Fun facts 10 A Taste of Israel 11 US investment fund Battery Ventures has finalized the gradual sale of its shareholding in the of its shares for approx. USD 122.5 million. By Israeli insurance company – Direct Insurance Financial incorporating Frutarom, IFF will become a market Investments Ltd. (TASE: DIFI). The latest sale was an leader in natural products and a strong competitor off-floor transaction worth NIS 30 million (approx. for market leader Givaudan in the larger flavors and USD 8.6 million) at a total enterprise value of NIS 3.6 fragrances market.” June, 2018 6 billion (approx. USD 1.03 billion). Battery Ventures acquired 17% in Direct Insurance in July 2012, at an Acquisitions: enterprise value of NIS 900 million. Since then it has Business gradually divested of its shareholding, realizing a FIMI Opportunity Funds, an Israeli leading 400% gain on its investment, while benefitting from a private equity firm agreed to acquire full steady stream of dividends. February, 2018 4 ownership of the Israeli-American company Aitech, a global supplier of rugged electronics systems insights Continental AG, the German tire and advanced for the defense, aviation, and space industries. car components manufacturer acquired Israeli FIMI acquired the company from a group of Dutch smart car technology start-up Argus Cyber Security investors for USD 30 million. February, 2018 7 in a transaction worth USD 430 million. Argus is one of the first companies in the world to provide anti- Canadian fertilizer company Potash Corporation hacking solutions for connected cars. Argus was of Saskatchewan Inc., wholly-owned subsidiary Sales: founded in 2013 by three veterans of Israeli Military of Nutrien Ltd. (world’s largest potash producer Intelligence and raised USD 30 million from such PEs and the third largest producer of nitrogen and The California-based semiconductor equipment as Allianz Ventures (the Germany-based strategic phosphate in the world) sold its 13.8% holdings in maker KLA-Tencor Corporation agreed to venture arm of Allianz Group), SBI Group (a financial Israel Chemicals Ltd. (“ICL”) for NIS 2.5 billion (USD acquire Israeli tech firm Orbotech for USD 3.4 billion - services company group based in Tokyo, Japan) and 700 million). Among the institutional investors in one of the biggest ever buyouts of an Israeli Israeli venture capital firms Magma Venture Partners participating in the transaction were the Israeli company. Orbotech develops technologies used in General Partner Ltd. and Vertex Ventures Israel, Migdal, Menorah, Phoenix and Clal insurance the manufacture of advanced electronic products. Its among other investors. November, 2017 5 companies, and the Psagot investment houses. ICL equipment is used in three main industries: flat panel is an Israeli multi-national manufacturing company displays, printed circuit boards, and semiconductors. US-based International Flavors & Fragrances that develops, produces and markets fertilizers, Among Orbotech’s largest shareholders are two (IFF) agreed to acquire Israeli flavor and fragrance metals and other special-purpose chemical products. financial institutions, New York-based Renaissance ingredients company Frutarom in a stock and cash January, 20188 Technologies (which holds 5.2% of the company transaction worth USD 7.1 billion. Frutarom’s second and will receive USD 174 million under the deal) and largest stakeholder (with 8.9 percent) is Boston- Israeli Clal Insurance (which owns 5%, worth USD based investment company Fidelity Management 3. www.globes.co.il 5. www.calcalistech.com 7. www.globes.co.il 3 167 million under the deal). March, 2018 and Research. Fidelity agreed to sell almost 30% 4. www.globes.co.il 6. www.calcalist.com 8. www.calcalist.co.il B. Riley Financial, Inc. (NASDAQ: RILY), a US- Security (TASE: CYRN; Nasdaq: CYRN). Cyren solutions used by approximately 200 million patients based diversified financial services company, Ltd., formerly known as Commtouch, is a cloud in over 60 markets every day. Teva is the world’s acquired the Israeli cloud communications based internet security company providing threat largest generic medicines producer, leveraging its company magicJack VocalTec Ltd. (NASDAQ: detection and security analytics. Its products are portfolio of more than 1,800 molecules to produce CALL) in a transaction valued at USD 143 million. catered to software and hardware vendors, service a wide range of generic products in nearly every MagicJack VocalTec is a leading Voice Over IP (VoIP) providers and value-added resellers (VARs) for therapeutic area. September 201715 cloud communications company, which develops resale to small to medium-sized businesses (SMBs), products and services allowing users to make as well as enterprises. November, 2017 12 Teva Pharmaceutical Industries Ltd (NYSE and and/or receive free telephone calls to and from TASE: TEVA) also agreed to sell its portfolio of where the customer has broadband access to the FIMI Opportunity Funds also acquired a products within its global women’s health business Internet. It provides magicJack devices, including 50% stake in S.O.S Energy Express Ltd. in a across contraception, fertility, menopause and an application which allows users to make and transaction valued at approx. USD 25.4 million (NIS osteoporosis for USD 703 million in cash to CVC receive telephone calls through their smart phones. 90 million). S.O.S. Energy Express is an Israel-based Capital Partners Limited. The buyer (CVC Capital November, 2017 9 provider of on-site fueling and fueling under special Partners) is a Luxemburg-based private equity firm conditions. October, 201713 which manages over USD 52 billion of assets in FIMI Opportunity Funds, an Israeli leading European, Asian and North American companies. 16 private equity firm agreed to acquire 53.6% Fosun Capital Group, the China-based private September, 2017 stake in ImageSat International N.V. (ISI) for equity and venture capital arm of Fosun a consideration of USD 40 million from Israel International Limited, acquired an undisclosed Aerospace Industries Ltd. (IAI) (TASE: ARSP.B1), the majority stake in BondIT Ltd., the Israel-based controlling shareholder of ISI. ISI is a global leader fintech company for a consideration of USD 14.25 in end-to-end geospatial solutions and markets million. BondIT is an expert developer and provider high-resolution photographs taken by electro-optic of proprietary comprehensive analytical solutions observation satellites. November, 2017 10 for global fixed income markets. October, 201714 The Israeli private equity fund Sky acquired Foundation Consumer Healthcare, LLC, a a 66% controlling interest in AL Filter at a US-based pharmaceutical company which transaction value of approx. USD 17 million. AL is a portfolio company of Juggernaut Capital Filter specializes in the production of a broad range Partners L.P. and Kelso & Company (US-based of high quality filters for the auto industry, including private equity firms) agreed to acquire the fuel, oil, and air filters.
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