Rivulis Irrigation Ltd. of Israel and Eurodrip S.A. of Greece announced that the two companies have entered into a definitive merger agreement in an all-share transaction, creating a global leader in micro irrigation. Transaction closing is subject to satisfaction of certain conditions including, but not limited to, regulatory approvals.
All current shareholders of the two companies – FIMI Opportunity Funds, Israel’s leading private equity fund (FIMI), U.S. based Paine & Partners, LLC (Paine & Partners) and Dhanna Engineering of India – will remain shareholders of the merged company and will remain active on the Board of Directors, ensuring continuity and providing strong support for the success of the merged company. FIMI will maintain a majority stake and Gillon Beck, the current Chairman of Rivulis Irrigation and Senior Partner at FIMI, will serve as the Chairman of the merged entity. The company will continue to support both the Rivulis and Eurodrip brands, and will remain strongly committed to its mission of providing continuous innovation, and strong service to help growers to optimize yields sustainably and economically while addressing water and land scarcity.
