Company Description: Teva Naot, established in 1942, based on Kibbutz Naot Mordechai in Northern Israel, designs, develops, manufactures, and markets comfort footwear sold in Israel, the United States, Canada, Europe, and Australia. Teva Naot manufactures all of its footwear in its 7,000 sq.m factory located on the kibbutz and employs 224 people, 109 of whom reside in Kiryat Shmona and 30 of whom are kibbutz members.
After growing an average of 6.5% annually from 1995 to 2003, Teva Naot has gained significant momentum and, with robust performance in the first nine months of 2006, expects to post a double-digit three year compound annual growth rate. The company derives 60% of its revenues from exports.
Transaction: Shamrock and its partner acquired 66% of the Company's share capital and have an option to acquire an additional 17%. The proceeds from this investment were issued as a dividend to Kibbutz Naot Mordechai which owned 100% of the Company.
