AguAgro Fund LP has acquired water technology incubator Kinrot Technology Ventures from Canada’s Stern Partners Inc. in a share-swap deal, reports Globes.
Stern Partners, run by president Ronald Stern, will reportedly get a stake in AquAgro, an Israeli venture capital fund focused on innovative water and agriculture technologies, although terms of the deal were not disclosed.
Ministry of Industry, Trade and Labor regulations governing Israel’s Technological Incubators Program require that AquAgro inject at least $3 million into Kinrot over three years.
Stern Partners ran Kinrot for the last three years following the incubator’s privatization. Under the leadership of CEO Assaf Barnea, Kinrot has invested in a portfolio of 11 cleantech start-ups and entered into strategic partnership agreements with Israel’s Mekorot, the Los Angeles Department of Water and Power, and the Milwaukee 7 Water Council.
B. Gaon Holdings Ltd. controls AquAgro through Gaon Agro Industries Ltd.. Gaon Holdings CEO and Gaon Agro chairman Shai Preminger told Globes, “Gaon Holdings is one of the players that, a decade ago, inscribed on its flag investment in the water and cleantech industries, through Gaon Agro. The acquisition of Kinrot turns AquAgro, which we own, into the leading Israeli investor in the water and cleantech technologies.”
Article appearing courtesy Cleantech Investing in Israel.