Shamrock Israel Growth Fund has invested $7 million in Accel Telecom Ltd. The companies did not disclose the company value for the deal, or whether Shamrock acquired control of Accel.
Accel Telecom CEO Mark Seelenfreund said that the proceeds would be used to expand the company's foreign investments and entry to new markets. Asked if he planned to float the company, he replied that that was an option.
Accel Telecom is a communications consulting, importing, distribution and implementation firm. Its customers include Bezeq Israeli Telecommunication Co. Ltd. (TASE: BEZQ), Cellcom Israel Ltd. (NYSE:CEL; TASE:CEL), Partner Communications Ltd. (Nasdaq: PTNR; TASE: PTNR), Israel Postal Company Ltd., and the IDF, and the Israel Police.
Shamrock Israel chairman Stanley Gold said, "The investment in Accel is part of Shamrock's policy to focus on companies that need capital to grow their domestic activities and expand their international operations."
Shamrock Israel's portfolio companies include cosmetics maker Ahava Dead Sea Laboratories Ltd., shoemaker Teva Neot Ltd., Orad Hi-Tec Systems Ltd. (XETRA: OHT), Medison Biotech Ltd., Polymer Logistics Ltd., and Cinema City Ltd.
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