Press release – February 3, 2008

Completion of the Netafim – Revaho Transaction

Netafim acquired a majority stake of the Dutch Revaho group - Europe's leading provider of irrigation solutions and greenhouses turn key projects. Netafim also announces 2007 sales of nearly half a billion dollars, 25% growth over last year.

Netafim's President and CEO Ofer Bloch stated: "The acquisition of a majority stake in the Revaho group is a significant step in Netafim's growth strategy, aimed at achieving our turnover goal of one billion dollars revenue within few years"

Netafim – a global leader and the largest provider of smart irrigation solutions in agricultural – announced today the acquisition of a majority stake of the Dutch Revaho group, Europe's leading provider of greenhouse irrigation solutions. In addition, Netafim announced 2007 sales of nearly half a billion dollars, representing a growth of some 25 percent over last year.

The Revaho transaction is part of Netafim's growth strategy based on mergers and acquisitions, and deepening activity in the greenhouse field, which represents one of its main growth engines. Revaho is Netafim's sole representative in the Benelux countries and the United Kingdom.

Revaho's turnover in 2007 amounted to approximately 100 million dollars, with an annual growth rate of about 15 percent. Revaho supplies a full package of high-quality irrigation products and solutions for the agricultural sector. The company also supports complex and large scale irrigation and greenhouse turnkey projects across Europe. Revaho has gained reputation for innovation and knowledge sharing with its customers.

Revaho has extensive operations in the United Kingdom, Romania, Ukraine, Belarus, and Russia, as well as leading greenhouse irrigation projects in Eastern Europe and the CIS, including the supply of structures and technology. The company has manufacturing facilities in the Netherlands and Romania.

Netafim's CEO and President Ofer Bloch: "The acquisition of a majority stake in the Revaho group is a significant step in Netafim's growth strategy which focuses on market expansion development of smart irrigation solutions and providing advanced solutions to the greenhouse market that represents one of the main growth engines of Netafim. I have no doubt that this acquisition, along with additional strategic mergers and acquisitions will enable Netafim to provide its customers with an optimal offering and to reach revenues of one billion dollars within few years.

Revaho's CEO, Richard van Holstein said: "We are excited by the completion of the Netafim-Revaho transaction and we are looking forward to strengthening our longstanding partnership with Netafim. We are confident that the transaction will facilitate our joint efforts to expand our global operations and implement an accelerated growth strategy."

About Netafim
Netafim is the world's largest and leading company in the field of smart irrigation solutions for agriculture. Company's activity focuses on crop solutions in the area of drip-irrigation, greenhouses, and bio-fuel energy crops. The company's revenue in 2007 amounted to about half a billion dollars.

Netafim operates in more than 110 countries via 32 subsidiaries, with 11 factories throughout the world. The company employs some 2,200 workers.

Netafim is jointly owned by three kibbutzim (Hatzerim, Magal and Yiftah) and by the Markstone and Tenne Funds. Its President and CEO is Ofer Bloch and its Chairman is Advocate Reuven Behar.

About Revaho
Revaho is a privately held Dutch group of companies providing advanced solutions in the field of irrigation and greenhouse. Revaho's turnover in 2007 amounted to approximately 100 million dollars, with an annual growth rate of about 15 percent. The company employs 112 employees.

back to previous