Plas Fit Acquires Debt-Ridden Gaash LED for 8 Million Shekels
Plastics company Plas Fit has acquired the assets of lighting manufacturer Gaash LED for 8 million shekels. The court-approved deal aims to preserve operations following Gaash LED's 22 million shekel debt crisis.
The plastics company Plas Fit, controlled by the Kedma fund and businessman Kobi Friedrich, has signed an agreement to acquire the operations and assets of the kibbutz-based lighting manufacturer Gaash LED. This move follows the latter's filing for a stay of proceedings due to debts totaling 22 million shekels.
Calcalist has learned that the 8 million shekel deal includes the acquisition of Gaash LED's operations, reputation, inventory, and customer receivables. The court has officially approved the transaction.
The acquisition creates business synergy between Plas Fit and Gaash LED, expanding the product portfolio and customer base of the acquiring firm. Upon completion, Plas Fit is expected to significantly enter the institutional lighting sector, a new field of activity for the company.
Regarding the insolvency proceedings, the deal is intended to preserve Gaash LED's operations as a going concern, ensure continued service to customers and suppliers, and maximize returns for the company's creditors.
The lighting manufacturer began operating in 1964 under the name Gaash Lighting Products, and in 2013, the business was transferred to an association operating within Kibbutz Gaash. The association specializes in the production and marketing of lighting fixtures, primarily for the institutional market, including public buildings, offices, warehouses, and street lighting. The factory is located on the kibbutz grounds.
The sale process was led by Gaash LED's trustee, CPA Nir Ben-Yaakov and Adv. Yossi Mendelson from the Lipa firm, alongside Adv. Ehud (Udi) Gindes, who represented Plas Fit.
