Elite Industries, one of Israel’s leading food manufacturers and distributors, acquired the Pharma-Green company, which imports and markets health and functional foods.

Elite paid NIS21.5m (US$4.63m) to buy Pharma-Green, while inventory and equipment will be paid for separately.

A report in Globes notes that Pharma-Green expects NIS14m in sales in 2002. It forecasts that sales in two new strategic fields, breakfast cereals and health cookies, will boost its sales to NIS30m in 2003. The report adds that Pharma-Green developed the Energy brand, which includes a wide variety of products in diverse and complementary fields, made by different manufacturers: cereal snacks, granola and now breakfast cereals and health cookies.

“Pharma-Green’s entry into a conglomerate like Elite will enable it to overcome its main obstacle availability. Its products are sold now at only 1,200 sales points, but being acquired by Elite will give Pharma-Green instant access to 12,000 sales points,” the report notes.