Private equity fund, Markstone Capital Partners LLC has acquired 20% of fibre and yarn maker Nilit Ltd., Israel. The estimated value of the deal is $50 million, but neither business will confirm details.
Nilit specialises in fine nylon yarns for underwear and hosiery, as well as producing nylon as raw material for the plastics industry. One of the largest private industrial companies in Israel, Nilit posted $216 million in revenue last year and is projected to achieve $235 million this year.
The company has been considering various financing alternatives, including an initial public offering (IPO). Markstone's entry means that Nilit will now not go public, and is reported to be considering mergers and acquisitions in the near future.
Nilit has 730 employees, the vast majority in Israel. Its main markets are North America and Europe.
