Inter Plus acquires an infrastructure management company for about NIS 11 million

Inter Industries Plus, managed by Jerry Schnirer, reports that a subsidiary has entered into a deal with a third party in a deal to purchase 55% of the fully diluted issued share capital of Konstantin Etch for NIS 11 million.

Konstantin et Etch is a private company operating in Israel in the field of service, maintenance and management of infrastructure, structures and electromechanical systems, mainly for government institutions, as well as the execution of projects in these fields.

The company has a multi-year service portfolio, which includes about 800,000 square meters of buildings, about 40,000 tons of central cooling, tens of thousands of split air conditioners, mini-central and VRF systems, central electrical installations and dedicated building control systems. The company has several additional specializations in systems Structure control and climate control, and is an importer of moisture-adding equipment and advanced control systems.The company employs about 200 workers, most of them technicians and service and maintenance personnel.

The acquisition of the company complements Inter Plus’ activity in the areas of service and maintenance, and will allow it to increase its number of customers, build a significant service portfolio that enjoys multi-year recurring revenues and also complete a link in the company’s value chain.

The deployment of the acquired company in Israel will make it possible to develop and exhaust the value from the changes that are taking place in the world of energy, with an emphasis on moving beyond the large number of customers who are both productive and consumer. In this framework, the company performs “energy suits” for properties that include: PV roofs, gas engines, micro turbines, heat pumps, high and high voltage electrical connections, energy storage solutions and car charging stations.

The investment agreement set forth future price adjustment mechanisms (increase or decrease) in accordance with the change in the company’s value and business results in the years 2021-2022. The current management team of the acquired company will continue its work for a period of at least 6 years from the date of the transaction.

In addition, as part of the investment agreement, the parties were given an option to complete the acquisition by the subsidiary up to a rate of 100% of the company’s shares in two stages over the coming years, in accordance with the pricing mechanisms set forth in the investment agreement. The investment agreement includes indemnity clauses for the company in respect of various issues for a period of 36 months from the date of completion of the transaction.

Jerry Schnirer, CEO of the company: “The company continues to progress in accordance with the work plan it has formulated – focusing on infrastructure and services in the energy worlds, in a variety of business models. The acquisition of Konstantin Etch Ltd., is a complement to the company’s capabilities in the areas of service and maintenance, which will allow it to increase its number of customers, build a significant service portfolio that enjoys multi-year recurring revenues and complete a link in the company’s value chain. To develop and extract the value from the changes in the world of energy. “

Yossi Etch, CEO of Konstantin Etch: “Joining the Inter Plus Group enables the realization of the company’s growth plans and the utilization of opportunities in the market. The combination of forces between Inter and the company will enable its growth and continued positioning as one of the leading companies in the economy in providing a multidisciplinary, customer-oriented, courteous and professional service. “The addition of Inter will enable the company to strengthen its deployment and grip with customers located throughout the country and strengthen its competitive advantages in providing service in the worlds of energy, vehicle charging and facility management.”

Inter Plus was represented in the transaction by Adv. Yiftach Farber, Jonathan Prosek, Lee Cohen and Tair Moyal from Gornitzky & Co., Konstantin Etch was represented in the transaction by Adv.

The company ended the first half of 2021 with an increase of about 22.7% to about NIS 196.3 million compared to the corresponding period last year, and the operating profit amounted to NIS 2.2 million, compared with an operating loss of about NIS 6.1 million in the middle of last year. The company ended the quarter with a record accumulation of NIS 641.4 million and a positive current cash flow.

 
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