Keter Outdoor Lounge Set
Keter Plastic, an Israeli company that produces home and garden plastic products, is looking for a buyer. According to Calcalist, BC Partners, which has owned the company for seven years, is looking to bring in $1.2 billion Euros ($1.31 billion) from the sale. This is about the same as Keter’s current debt.
The sale price is said to be just half of the company’s value in 2016 when BC Partners acquired Keter Plastic.
In September of 2021, Keter Group filed the forms with the SEC ahead of a planned initial public offering IPO on the New York Stock Exchange NYSE. At the time, Keter Plastic hoped to raise hundreds of millions of dollars and expected a valuation of $2 to 2.5 billion from the IPO.
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But those plans fell through as debts and poor performance during the Covid crisis hurt the company’s bottom line.
Everyone in Israel knows about Keter. Everywhere, lawn chairs, storage cabinets, tables, sets of outdoor seating and couches, all made from plastic by Keter, can be seen all over Israel.
Everywhere you go in the country you can see their stores and their products for sale. Go into the average home in Israel and you will probably see Keter products on someone’s apartment terrace or in their yard. And Keter has made a name for itself internationally as well.
Keter Plastics was founded in Jaffa back in 1948 by Joseph Sogol, the year that Israel was established. Sogol’s sons inherited the company from him. In 2016, an 80% controlling interest in Keter was to private equity firm BC Partners for $1.7 billion.
Its products are made from resin. Keter boasts annual sales amounting to over $1 billion. The Keter Group distributes to 25,000 retail outlets globally, including nearly all of the top 250 retailers worldwide – with many of these relationships dating back more than 25 years.
Keter Plastic’s designs have been internationally recognized by the Red Dot Design Awards (2010, 2011, 2013), the ID Annual Design Review (2010), and the DIY Product of the Year (2010), among others.
