Israeli food importer and kosher food supplier G. Willi-Food International has announced that it has closed its US$10.0m private placement of shares of its common stock and warrants to institutional investors.
Total net proceeds from the placement, after costs and fees, were around $9.6m, the company said.
“This private placement provides us with the capital to build a new distribution centre that will increase our capacity and enable us to progress in our strategy of international expansion,” said president and chief operating officer Zwi Williger. “We are targeting the $14bn kosher market opportunity in the US, and we are aggressively pursuing additional distribution channels for our innovative line of kosher products. We are committed to delivering value for our investors and are pleased to expand our shareholder base through this transaction.”
G. Willi-Food International, which recently reported a 23% increase in first-half revenues to $22.0m and a 724% increase in first-half net income to $5.7m, said a total of 1,652,893 ordinary shares were sold at a purchase price of $6.05 per share. Warrants to purchase 561,982 additional shares at an exercise price of $8.00 per share were also issued in the transaction, with Roth Capital Partners acting as the placement agent.