Rivulis announces completion of acquisition by Temasek
14 December 2020 – Gvat, Israel – Rivulis has today announced that it has received full regulatory approval for Temasek to acquire a majority stake in the company from FIMI Opportunity Funds and Paine Schwartz Partners. Temasek now owns approximately 85% of Rivulis, with Jaya Hind Industries of India retaining the remaining 15% shareholding. The acquisition has been finalized after all government authorizations and the precedent conditions required by the Share Purchase Agreement have been obtained and completed.
Incorporated in 1974, Temasek is a Singapore headquartered global investment company, which owns a USD$214 billion portfolio as of 31 March 2020. Its portfolio includes significant exposure to the agribusiness space, as well as a focus on sustainable living, which is core to Rivulis’ business.
Rivulis is a global micro irrigation leader innovating and deploying smart micro and drip irrigation solutions to help growers achieve higher yields, higher quality and great profitability while safeguarding the sustainability of grower land and livelihood. With the industry’s most comprehensive product portfolio, Rivulis is leading the adoption of micro irrigation globally. With 2,000 employees, 16 factories in 14 countries, 3 R&D centers in agricultural hot spots and 7 design centers globally, Rivulis is close to the market, within reach of the growers. Rivulis represents the successful integration of 4 leading industry pioneers and veterans: Plastro, T-Systems, Roberts Irrigation and Eurodrip.
CEO, Richard Klapholz, and the current management team will continue to lead the company. Gregory Curl, President at Temasek, will assume Chairmanship of the Board of Directors, while Erez Meltzer, former Chairman and CEO of multiple, global private and public companies, will assume Vice-Chairmanship.
“During the last 5 years, Rivulis has established itself as a leader in the micro-irrigation industry, with end-to-end smart solutions and a portfolio of recognized brands delivering value to farmers around the world. In the face of rising uncertainty from the impact of climate change and increasing pressure on scarce water resources, it is fundamental to provide growers with effective answers to these challenges through a demonstrated reduction in water consumption and increased, stable yields. Rivulis, with its track record in innovation and its global manufacturing footprint and distribution network, is well positioned to lead the rapid adoption of sustainable irrigation solutions and support the growth of the industry, and the Board looks forward to working with the management team to further build on this record,” explained Gregory Curl, incoming Chairman of the Board.
Richard Klapholz, Rivulis CEO, commented: “Water-efficient, environmentally-sustainable technologies, such as micro irrigation, are needed to holistically address the global food and water security challenges. With the support of our forward-looking, generational investors, Temasek and Jaya Hind Industries, we are excited to enter Rivulis’ next chapter to realize our GROW BEYOND mission and to become a global sustainability champion.”
About Temasek
Temasek is an investment company with a net portfolio value of S$306 billion (US$214 billion) as at 31 March 2020. Its three roles as an Investor, Institution and Steward, as defined in the Temasek Charter, shape Temasek’s ethos to do well, do right and do good.
Temasek’s investment direction is shaped by structural trends: longer lifespans, rising affluence and sustainable living drive social progress, enabled by technological solutions for sharing economies, smarter systems and a more connected world. It actively seeks sustainable solutions to address present and future challenges, as we capture investment and other opportunities that help to bring about a better, smarter and more sustainable world.
Headquartered in Singapore, Temasek has a global portfolio, and offices in 8 countries. For more information on Temasek, please visit www.temasek.com.sg
About Rivulis
Rivulis is a global micro irrigation solutions visionary offering the broadest portfolio in the market featuring the industry’s most recognized product brands, including T-Tape, Ro-Drip, D5000 PC, Supertif and Eurodrip Eolos and Eolos Compact. Established in 1966, Rivulis is headquartered in Israel and has 16 manufacturing and distribution facilities, 2,000 employees, 3 R&D Centers (Israel, California, and Greece) and 7 Design Centers around the globe.
We work with over 3,300 business partners worldwide to provide full turnkey micro irrigation solutions for any, and all, grower needs from individual growers to large corporate plantations in the agriculture, horticulture, greenhouse, landscape and mining industries. Leading the mass adoption of micro irrigation globally, Rivulis is committed to increasing accessibility to all growers everywhere through simple, affordable and smart technology for a more sustainable future for all. To learn how Rivulis can help you GROW BEYOND your highest expectations season after season, visit www.rivulis.com.
