Private equity firm FIMI Opportunity Funds has been given the go-ahead to acquire Landa Digital Printing, and invest $80m into its operations.
The Central District Court approved a debt restructuring plan for Landa Corporation for FIMI to acquire the company and continue under new ownership. Following the acquisition, FIMI will own 100 per cent of Landa Corporation and will continue to employ most of its workforce.
It is expected that up to $22m of the $80m that FIMI will inject into the company will be used to pay off some of the debts, as well as to partially finance the expenses of the arrangement process.
“Despite the company’s significant achievements, the time it has taken to reach the full realisation of its business potential is longer than expected,” said a statement from Landa. “The geopolitical situation, as a result of the long war in Israel and regional instability, as well as commercial reasons, have made it difficult for the company, and the shareholders who have financed the company throughout its years and they recently informed the company’s management that they intend to stop financing the company immediately.
“The company’s employees and customers have been updated on the situation and will continue to be updated as relevant developments occur, out of understanding the complex situation in which they find themselves and out of deep appreciation for their work and their full commitment to the company.”
