Tnuva milk bags 298.88.
(photo credit: Ariel Jerozolimski)
The British-based Apax investment fund has bought a majority stake in Israel's premier agricultural produce firm, Tnuva, for more than $1 billion, Israeli media reported Tuesday.
Tnuva has been the flagship of the kibbutz farm movement for eight decades. In recent years, many kibbutzim have fallen on hard times, and some are burdened by huge debts. Sale of Tnuva would help bail them out.
The Tnuva trademark is one of Israel's best known, appearing on many dairy products, and the company handles the marketing of most of the produce from Israel's agricultural sector.
The reports said Apax plans to turn Tnuva into an international concern.