On 22 May 2014, funds advised by private equity firm Apax Partners ("Apax Funds") announced the sale of their 56% stake in Tnuva, Israel's largest food company, to Bright Food (Group) (“Bright Food”), one of the largest food and agriculture companies in China, at a sale price of for NIS 8.6 billion (US$2.5 billion).
Tnuva was established over 85 years ago as an agricultural cooperative society and today it is the largest food company in Israel. Tnuva’s operations include production, distribution and marketing of a wide range of food products including dairy, frozen vegetables and pastries, poultry, beef, cold cuts and eggs.
Acted as the seller’s PRC legal counsel, Global Law Office rendered full range of legal services for this transaction. Global’s team was led by our Beijing-based partners Mr. Jinrong Liu and Mr. Alex (Chengwei) Liu, and associate Mr. Xiang Wang is also a key team member for this deal.