The Israeli non-woven fabric hygiene products manufacturer will pay €40 million for Optimal Care.
Israeli non-woven fabric hygiene products manufacturer Albaad Massuot Yitzhak Ltd. (TASE: ALBA) has announced the signing of an agreement to acquire Spanish wet wipes manufacturer Optimal Care for €40 million (NIS 160 million). Albaad, which produces wet wipes and tampons, has benefitted in the rise in products sales over the past 15 months due to the Covid-19 pandemic.
Founded in 2003, Optimal Care produces private label wet wipes for major marketing chains in Europe. Albaad sees the acquisition positively impacting the company’s results from the second half of 2021. Optimal Care had revenue of €72 million in 2020 and gross profit of €10 million, with €16 million revenue in the first quarter of 2021 and gross profit of €2 million.
Albaad had revenue of NIS 1.6 billion in 2020, up 19% from 2019 with net profit of Nis 101 million, after suffering losses of more than NIS 100 million in 2018 and 2019. Albaad said one of the reasons for the acquisition is that it is struggling to meet demand.
Published by Globes, Israel business news – en.globes.co.il – on May 20, 2021
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Albad Dimona factory
Ron Steinblatt and Globes’ correspondent