Cooperative exit: when the kibbutz's factory is worth almost a billion shekels
When the members of Kibbutz Sde Nehemia set up the "Squads" factory, it is doubtful that they believed that one day the grandchildren would take it to the stock exchange, in an offering that would probably yield each of the 203 members several hundred thousand shekels in cash.
Meet the new rich: a bicycle instead of a Tesla and a dining room instead of a bite
Liat Ron
16/05/2022
Monday, 16 May 2022, 14:45 Updated: 15:04
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There are pictures we are already used to, for example pictures of high-tech people, usually a bunch of young people in T-shirts with the company logo and glasses of champagne in hand, celebrating the exit.
There is a big smile on their faces, as they doubtless digest the fact that their lives will change forever.
On the other hand, even if you flip the archive, you will have a hard time finding exit photos of kibbutzniks in work clothes and sandals, riding bicycles on the way to the dining room.
But this is exactly what is supposed to happen to nearly 203 members of Kibbutz Sde Nehemia in the Upper Galilee, if the issue of the "Squads" factory, which was founded in the kibbutz before the establishment of the state, begins, at a value of NIS 800-900 million.
The scope of the raising in the first issue will be between NIS 200 and 300 million, of which a third will be divided between them and the Tene Fund, which owns 50% of the company - and two thirds will flow into the company's coffers.
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Squad factory next to Kibbutz Sde Nehemia in the northern Hula Valley (Photo: Courtesy of the kibbutz)
From a small collective enterprise to 60 countries and hundreds of millions in revenue
The chairman of Sde Nehemia, Ayalon Bakrach
, a member of the economy and someone who is in charge of running the kibbutz, has been having a hard time walking for him in recent days.
" Let no one catch me in the tongue about the amount, because there is a significant tax event here.
In any case, these are not millions but hundreds of thousands, something between 100,000 and half a million shekels.
I tell them, do not build towers, because we may reach the 90th minute and decide not to issue.
" With the flexibility and ability to transform in heating and pressing, according to knowledge acquired from a British company, the plant was later converted to the injection technique and became the first plant for the production of plastic vessels in the State of Israel.
Today, the company, which is jointly owned by Kibbutz Sde Nehemia and Keren Tene, specializes in the production and marketing of advanced flow systems for supplying water to private homes, public buildings, sewage, decks and sewage infrastructure.
According to data presented at the Road Show by Squads, the company is growing at an average rate of 26% per year.
In 2021, the company's revenues were NIS 430 million and gross profit was NIS 141.2 million.
Next year, revenue is expected to be NIS 526 million, and gross profit, which is expected to total NIS 158 million.
The company, which operates in 60 countries around the world, has manufacturing plants in Slovenia, India and Portugal, and about two years ago it acquired a coastal plant in Kibbutz Kinneret.
The Jordan River near Kibbutz Sde Nehemia.
Always considered an established kibbutz, thanks to the factory (Photo: Ziv Reinstein, Ziv Reinstein)
Good one bird in hand, vertebrate version
Ayalon says that "vertebrae" are part of the DNA of everyone who grew up on the kibbutz (in the surrounding localities it is customary to call the kibbutz itself the factory). "Only a few years ago we built a fence around it, because before that everyone who came to the kibbutz passed by, and could enter without interruption.
" The management makes efforts to connect the members to the place.
She holds meetings with the CEO, distributes written reports so that everyone feels involved.
At the moment, the kibbutz has a large expansion of 150 families, about a thousand residents, who are not members of the kibbutz, they live with us, but they will not be able to enjoy the money dispute. "
Sde Nehemia was privatized in 2003 and according to the kibbutz chairman, most of the members are satisfied with the move.
When we went into privatization we did not divide the shares of the company, but decided that there would be a 'distribution of assets', something similar to dividends, a division that started only ten years ago, because before we were still engaged in the privatization process.
"The factory has priority for hiring friends and currently we have about 25 employees, who are not really in the production line, but give him services as technicians for example, and we have third generation employees, who work in the office as engineers. We decided to issue now, because it is the right time And give some to the partners as well. "
What are you going to do with the money you receive?
"I will surprise you, but I have no plans at the moment for the money. When the birds are on the tree I do not plan on them. When I have one in hand, I will start thinking."
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