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GMM Capital LLC takes over 13% shares of Delta Galil
03 Jul '07
4 min read
Isaac has vast experience in the textile industry and I trust that he, together with the Company's CEO, Aviram Lahav and the rest of the Company's management and employees, will lead Delta to growth and profitability.
Mr. Dabah, who joined Delta two years ago, serves as the Vice Chairman of the Company's Board of Directors and is part of the controlling group of the Company. Mr. Dabah, a native of Israel, resides in New York and has been active in the textile and apparel industry for 27 years.
Since 2005, Mr. Dabah has been the Executive Director of GMM Capital LLC, his family's investment fund. In addition to Delta shares, the fund holds 15% of the shares of Habas H.Z Investments (1960) Ltd, 50% of Goody's Family Clothing Inc, a retail chain consisting of 385 stores in the United States; and holds other ownership interests in apparel and textile manufacturing and retail companies in various countries.
Mr. Dabah: "I am pleased that Dov entrusted me with the control of his lifetime's work. Delta is a global company with growth and profitability potential, which can successfully contend with the undergoing changes of the textile industry."
"I believe that together with the excellent management team of Delta and its devoted employees, and under the leadership of Aviram Lahav, we will lead the Company to accomplishments. I thank Dov for his contribution to Delta from its foundation and wish him good health for many years."
Upon closing of the transaction, Mr. Lautman will resign from Delta's Board of Directors and from his position as Chairman of the Board of Directors.
In addition, upon closing of the transaction, the existing shareholders agreement between the Lautman Group and the Dabah Group will be cancelled and replaced by an agreement, pursuant to which Mr. Dabah will have, under certain conditions, a right of first refusal on the remaining shares held by the Lautman Group.
At the Company's Board of Directors meeting held yesterday, the members of the Board congratulated Mr. Lautman for his great contribution to the Company's development, from its foundation, and for the values of excellence that he endowed to his employees.
In addition, the Board of Directors decided to appoint Mr. Isaac Dabah as Chairman of the Company's Board of Directors, effective upon Mr. Lautman's resignation from the Board of Directors.
Mr. Dabah, who joined Delta two years ago, serves as the Vice Chairman of the Company's Board of Directors and is part of the controlling group of the Company. Mr. Dabah, a native of Israel, resides in New York and has been active in the textile and apparel industry for 27 years.
Since 2005, Mr. Dabah has been the Executive Director of GMM Capital LLC, his family's investment fund. In addition to Delta shares, the fund holds 15% of the shares of Habas H.Z Investments (1960) Ltd, 50% of Goody's Family Clothing Inc, a retail chain consisting of 385 stores in the United States; and holds other ownership interests in apparel and textile manufacturing and retail companies in various countries.
Mr. Dabah: "I am pleased that Dov entrusted me with the control of his lifetime's work. Delta is a global company with growth and profitability potential, which can successfully contend with the undergoing changes of the textile industry."
"I believe that together with the excellent management team of Delta and its devoted employees, and under the leadership of Aviram Lahav, we will lead the Company to accomplishments. I thank Dov for his contribution to Delta from its foundation and wish him good health for many years."
Upon closing of the transaction, Mr. Lautman will resign from Delta's Board of Directors and from his position as Chairman of the Board of Directors.
In addition, upon closing of the transaction, the existing shareholders agreement between the Lautman Group and the Dabah Group will be cancelled and replaced by an agreement, pursuant to which Mr. Dabah will have, under certain conditions, a right of first refusal on the remaining shares held by the Lautman Group.
At the Company's Board of Directors meeting held yesterday, the members of the Board congratulated Mr. Lautman for his great contribution to the Company's development, from its foundation, and for the values of excellence that he endowed to his employees.
In addition, the Board of Directors decided to appoint Mr. Isaac Dabah as Chairman of the Company's Board of Directors, effective upon Mr. Lautman's resignation from the Board of Directors.
Delta Galil Industries Ltd
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