Acquisition Secures Operations and Protects Majority of Jobs
Benny Landa’s digital printing company, Landa Corporation, will continue operations following its acquisition by private equity firm FIMI, which will invest $80 million into the company, according to reporting by CTech newspaper in Israel. The deal, approved by the Central District Court on Saturday evening, allows FIMI to acquire 100% of Landa Corporation while retaining most of its workforce.
The move comes after Landa Corporation filed for court protection in July under financial distress, burdened by debts totaling approximately ₪1.7 billion (around $460 million). At the time, the court appointed attorney Sigal Rozen-Rechav and CPA Shlomi Filiba as administrators to oversee the restructuring process.
In her ruling, Judge Hana Kitsis emphasized that the arrangement “ensures the company’s continued operations and safeguards the employment of most of its employees.” She added that liquidation would likely generate minimal proceeds, as the company’s primary customers are overseas and its only assets in Israel are machinery.
FIMI’s Position
CTech reports that FIMI has contested certain decisions by the administrators, arguing that some changes to its original proposal were made without its consent. The fund specifically pointed to planned lease agreements, including a property in Rehovot, which it deemed unnecessary given the company’s current scale. FIMI also expressed its willingness to cover the administrators’ legal fees while opposing additional costs it considers illegitimate.
Despite these disputes, FIMI agreed to extend its offer’s validity and proposed accelerating the transaction to close within two business days of approval rather than seven.
The $80 million acquisition ensures that Landa’s operations in Israel continue, safeguarding the majority of employees’ jobs and providing a path for restructuring the company’s financial obligations, as highlighted by CTech.
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